The Abu Dhabi Investment Authority (ADIA), which also supports companies like Jio Platforms, revealed that it had signed official agreements for a $500 million investment from the multi-channel eyewear company Lenskart.
According to a joint press statement, the deal comprises both main and secondary shares, making the ADIA one of Lenskart’s major owners. According to reports, the ADIA has purchased a 10% share in Lenskart, which is worth $4.2 billion.
Since its founding in 2010, Lenskart has grown to become one of India’s leading omnichannel eyewear merchants and makers. Together with a strong online presence, the corporation also has 1,500 storefronts spread out over the nation.
The business has recently increased its reach outside of Indian coastlines. The business invested in Owndays, a Japanese direct-to-consumer brand, in July 2022. The business is also present in the Middle East. 500 locations outside of India, according to Lenskart.
A number of well-known investors, such as SoftBank and Alpha Wave Incubation, have also supported Lenskart. After obtaining $95 million in a round led by KKR in April 2022, the firm raised Rs 760 crore ($100 million) from Alpha Wave.
According to its annual financial statement submitted to the Registrar of Companies, Lenskart’s operational income increased 66% to Rs 1,503 crore in FY22 (RoC). The Peyush Bansal-led business posted a loss of Rs 102 crore in FY22 despite a cost increase of more than 72%. A profit of Rs 29 crore was achieved by Lenskart in the fiscal year FY21.
The company’s cash outflow from operations soared by 56% to Rs 183 crore in FY22 as costs skyrocketed. Lenskart invested Rs 1.15 per unit to generate one unit of operational income.
Nonetheless, Lenskart stated in today’s statement that the business is now profitable.
The firm also seems confident in its potential for expansion in the foreseeable future. The business is also placing a large stake in a new facility, which it thinks will be crucial in producing the 20 million pairs of eyeglasses that Lenskart intends to sell in the upcoming year. Soon is predicted for the factory’s opening.
