A $500 million deal to acquire shares in the Indian eyeglasses company Lenskart Solutions Pvt. is ready to be finalized by Abu Dhabi Investment Authority(ADIA).
In the midst of a global IT industry downturn that has resulted in thousands of layoffs reduced investment activity, and slashed billions off the valuations of once-flying startups, Lenskart is about to finish its funding round.
The transaction, which would value Lenskart at more than $4 billion, might be disclosed this week.
According to the report, “The Middle Eastern sovereign wealth fund is completing an agreement to purchase a mix of current Lenskart shares and additional equity”.
Peyush Bansal co-founded Lenskart in 2010, which combines technology and supply chain automation to directly sell glasses and contact lenses to customers.
Peyush Bansal also serves as the company’s CEO. In June, the business made a deal to acquire $400 million for the majority of Owndays Inc. of Japan.
The company, which is funded by KKR & Co., SoftBank Group Corp., Temasek Holdings Pte, and PremjiInvest among others, has developed into India’s largest optical brand.
Although conversations are advanced, the people noted that things could yet alter. ADIA and Lenskart representatives declined to comment.
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