GG News Bureau
New Delhi, 12th Dec. The Abu Dhabi Investment Authority (ADIA) is in advanced talks with Indian eyewear retailer Lenskart to invest $350 million to $400 million at a valuation of $4.5 billion, reported the Economic Times newspaper, citing people familiar with the matter.
The investment, which could give ADIA a nearly 10% stake in Lenskart, is likely to take the form of a secondary share sale, with a small primary round comprising growth equity, according to the report.
The details of who would dilute their stake and by how much have yet to be determined, with an official announcement expected in a couple of weeks, according to the report.
Lenskart began operations in India’s Haryana state in 2010, and another fully-automated plant in Rajasthan state has yet to begin operations. It is also present in the US, Singapore, and the United Arab Emirates.
Lenskart, which is backed by KKR & Co Inc, acquired a majority stake in Japanese eyewear brand Owndays earlier this year, transforming the Indian firm into one of Asia’s largest online retailers in the segment.
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