Lenskart, the omnichannel eyewear unicorn, and the Abu Dhabi Investment Authority have inked a legally binding agreement to raise $500 million from the latter. The investment is a continuation of the capital round from the previous year and will help Lenskart keep its $4.5 billion valuation. According to the corporation, the funds will be used to expand its footprint in the regions of the Middle East and Asia.
The ADIA’s Investment in Lenskart!
The investment made by ADIA includes some secondary purchases of shares from some of Lenskart’s early supporters. According to estimates, the eyewear company has so far received $1.5 billion in both the first and second rounds. Almost 10 million pairs of eyeglasses have been shipped worldwide by the company since its launch in 2010. The company also boasts more than 20 million application downloads, 300 home eye test specialists, and more than 1,100 stores in India, Singapore, and Dubai, according to information provided by the business last year.
The eyewear company is supported by a number of companies. In a deal worth nearly $400 million in June of last year, the eyewear unicorn acquired the bulk of the Japanese eyewear company Owndays. As a result, the combined company has access to 13 Asian markets, including Japan, Singapore, Malaysia, Indonesia, Taiwan, Thailand, and India.
Moreover, Lenskart reported that it is now profitable and that its revenue increased by 60% for the 2nd year in a row. From a net profit of roughly ₹29 crores in FY21, the company slid into a net loss of ₹102.3 crores in FY22.
According to a filing, the eyewear company, which is run by Lenskart Solutions Pvt. Ltd., recorded a nearly 66% year-over-year increase in its income from operations at ₹1,502.7 crores vs ₹905 crores. With more than 2,000 locations as of right now, Lenskart has 1,500 in India and the remaining in the Middle East and Southeast Asia.
