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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.

Bengaluru:

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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