Winning Bizness Desk
Mumbai. Eyewear retailer Lenskart has signed an agreement with Abu Dhabi Investment Authority (ADIA) to raise $500 million i.e. about Rs 4 thousand crore. The company announced this and said that it has raised this fund at a valuation of $4.5 billion. ADIA had invested in Lenskart in its previous round at similar valuations. Lenskart said ADIA will make the investment through the purchase of both primary and secondary shares. With this, ADIA will become one of the major shareholders of Lenskart. With this funding, Lenskart aims to raise around $750 million by 2022. Investors such as KKR & Co, SoftBank Group Corp, Temasek Holdings Pte also have a stake in Lenskart.
Lenskart has over 2,000 stores
The new funding will be used by the company to deepen its presence in India and expand its international presence in Asia and the Middle East. Lenskart currently has over 2,000 stores, of which 1,500 are in India and the rest in South East Asia and the Middle East. Lenskart's new factory will also be launched soon. In this, 2 crore pairs of eyewear can be manufactured.
Offline stores in all major cities
Today Lenskart has offline stores in all major cities of India. Piyush believes that if you are an entrepreneur then there will be struggle in your life, but it will depend on you to what extent you want to move forward and how important it is for you to reach the top. Piyush advises young entrepreneurs not to think of themselves as the boss from day one.
