Lenskart to raise $500 mn from Abu Dhabi Investment Authority: Report
Summary
Abu Dhabi Investment Authority is about to close a deal to acquire a stake in eyewear brand Lenskart for $500 million, sources have told Bloomberg. The Peyush Bansal-founded company is also backed by prominent investors such as KKR & Co., SoftBank Group Corp., Temasek Holdings Pte and PremjiInvest, among others. Besides, the start-up ecosystem is also beset with other challenges such as large number of layoffs, valuations being questioned and getting reduced, among other things. The company agreed in June to buy a majority stake in Japans Owndays Inc. at a valuation of about $400 million. Bansal is also planning an initial public offering for the company within 48 months, he told Bloomberg earlier.Also Read: Overfunding is a dangerous trend regardless of market conditions, says Inflexor Ventures