ADIA To Acquire A Stake In Eyewear Start-Up Lenskart For About $600 Million,

0
76

Abu Dhabi Investment Authority( ADIA) and private equity fund ChrysCapital are in accommodations to acquire a stake in eyewear start- up Lenskart for about$ 600 million, according to sources. Delhi-grounded Lenskart’s valuation is anticipated to be at $4.5 billion. ChrysCapital, which has backed  launch- ups Dream11, Xpressbees and FirstCry in India, is anticipated to invest$ 100 million in Lenskart. “The exchanges are going on and the deal may be  blazoned in a many weeks,” said a person familiar with thematter.

However, also it’s a significant  confirmation for an omnichannel incipiency which is growing at a good pace amid the backing downtime, “If the deal is done”. The  advertisement also comes at a time when a slew of investors have been making a beeline for the incipiency. A many weeks ago, it was reported that private equity (PE)  establishment ChrysCapital was looking to pump in $ 100 Mn in the omnichannel eyewear brand.

It was also said that Alpha Wave Global would also join ChrysCapital in the backing round. Innovated in 2010 by Peyush Bansal, Amit Chaudhury, and Sumeet Kapathi, Lenskart is an omnichannel eyewear brand that claims to operate further than 750 stores in 175 metropolises across the country, and also offers its products online through its website and app. Lenskart was innovated by Peyush Bansal, a former Microsoft hand, in 2010 along withco-founders Amit Chaudhary and Sumeet Kapahi.

Lenskart has raised$1.06 billion in further than 19 backing rounds, according to the data platform Tracxn. It’s backed by investors similar as TPG, KKR, Temasek and SoftBank. The establishment aims to transport 300-400 million specs a time and serve 50 per cent of users in India. As part of that strategy, the company is setting up the world’s largest eyewear manufacturing factory in Bhiwadi, Rajasthan. It shall have the capacity to  transport 50 million dyads of eyewear a time. Bansal is investing about $ 150 million to make this installation.