Abu Dhabi Investment Authority may buy $500 mn stake in Lenskart: Report

Abu Dhabi investment authority (ADIA) is in talks with Eyewear startup Lenskart to acquire a stake worth $500 million.

A report by Bloomberg says that ADIA is finalising an agreement to buy a mix of existing shares and new equity. This deal would value Lenskart at $4 billion. Quoting sources, the report says that the deal could be announced next week.

LensKart, co-founded by Peyush Bansal, is backed by KKR, Softbank, Temasek among others.

This round of funding would be amid a global rout for tech companies that's led to thousands of layoffs and hugely eroded valuations especially of startups.

There has been no official word from ADIA or Lenskart on the deal so far.

Last year, Co-founder & CEO Peyush Bansal had said that the company was profitable and was planning an IPO within 48 months.