Abu Dhabi Investment Authority is investing $500 million in India’s Lenskart, an online retailer for eyewear, becoming one of the largest shareholders in the company.
Adia will make the investment through a purchase of both primary and secondary shares, the companies said on Thursday.
The investment is subject to securing statutory and regulatory approvals.
Before the latest transaction, Lenskart's investors included Temasek Holdings, TPG, KKR and SoftBank.
Lenskart will have attracted nearly $750 million of capital over the last 12 months including recent fund-raising activities, making it one of the largest such growth-stage financings globally, upon completion of the transaction. The latest funding round values Lenskart at $4.5 billion.
“Lenskart has rapidly established itself as one of the largest and most innovative eyewear companies globally,” said Hamad Al Dhaheri, executive director of Adia's private equities department.
“Given its unique technology-enabled and vertically integrated business model, we believe the company remains well positioned to build on its leadership position. This investment is a continuation of our strategy of investing in highly differentiated, market leading businesses in Asia linked to the region's consumption-driven growth and rapid technological advancement.”
Lenskart, founded by Peyush Bansal in 2010, sells eyeglasses, contact lenses and sunglasses online throughout India.
The company has expanded in Asia and the Middle East and now has more than 2,000 stores. Of these, 1,500 are in India and the rest are in South-East Asia and the Middle East.
“It is still Day 1 at Lenskart. Vision Correction remains a big problem, and Myopia rates continue to grow rapidly, touching levels of as high as 80-90 per cent in some parts of Asia,” said Mr Bansal, chief executive of Lenskart.
“Hence, we are still very early in our journey and have a lot of work to do to continue to make our desired impact in this area of critical need. And Adia, with its patient and long-term approach to investing, is a perfect partner for us as we embark on the next phase of our journey.”
Lenskart said a new factory it plans to launch soon, will play a significant role in manufacturing the 20 million pairs of eyewear that it aims to ship next year.
The company grew revenue by 60 per cent for the second year in a row and is now profitable.
“The next phase at Lenskart is a journey of 10 to 100 where we are focusing on building a diverse culture that enables innovation and execution at scale while solving a large bottleneck hindering high quality vision for all,” said Mr Bansal.
Avendus Capital acted as the exclusive financial adviser to Lenskart and its shareholders on the transaction.
EY advised Adia on accounting and tax matters in the transaction, while AZB & Partners and Allen & Overy were its legal advisers.
KPMG and PwC advised Lenskart on accounting and tax for the deal, while Rajaram Legal & Khaitan & Co were its legal advisers.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
