Indian eye-wear startup Lenskart Solutions Pvt. is in talks for a $500 million deal with Abu Dhabi Investment Authority as per reports. The sovereign fund is in talks to buy existing shares and new equity.
The final details of the deal which will value the startup at $4 billion are yet to be announced. The eyewear startup is also looking to close its funding round amid the funding draught and gloomy conditions in the technology sector amid massive layoffs.
Lenskart uses technology and automation in the development and sale of glasses and contact lenses to consumers. The eyewear company was co-founded by Peyush Bansal in 2010. The startup has grown to be India’s largest optical company and is backed by SoftBank Group Corp, KKR & Co., PremjiInvest and others.
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