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Home Business UAE Wealth Fund In Talks To Invest Upto $400 Million In Lenskart:...

UAE Wealth Fund In Talks To Invest Upto $400 Million In Lenskart: Report

The small print on the traders that will dilute their stake have been but to be determined, the report mentioned.


Sovereign wealth fund Abu Dhabi Funding Authority (ADIA) is in superior talks to take a position $350 million to $400 million in India’s Lenskart, valuing the eyewear retailer at $4.5 billion, the Financial Occasions newspaper reported at the moment.

The funding, which might give ADIA an virtually 10% stake in Lenskart, is more likely to be within the type of a secondary sale of shares, with a small major spherical comprising progress fairness, the report added, citing individuals conscious of the matter.

The small print on the traders that will dilute their stake, and by how a lot, have been but to be determined, the report mentioned, including an official announcement is predicted in a few weeks.

ADIA, which at present doesn’t have a stake in Lenskart, declined to remark. Lenskart didn’t instantly reply to a request from Reuters searching for remark.

Began in 2010, Lenskart’s traders embrace U.S. personal fairness agency KKR & Co Inc, Japan’s SoftBank Group and Singapore state investor Temasek Holdings.

Lenskart additionally operates in america, Singapore and the UAE. It has a producing unit within the Indian state of Haryana and a yet-to-be-started fully-automated plant within the state of Rajasthan.

Earlier this yr, Lenskart acquired a majority stake in Japanese eyewear model Owndays, turning the Indian firm into one in every of Asia’s largest on-line retailers within the phase.

(Aside from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)

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