Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is in advanced talks with Indian eyewear retailer Lenskart to invest $350 million to $400 million at a valuation of $4.5 billion, the Economic Times newspaper reported on Monday, citing people aware of the matter.
The investment, which could give ADIA an almost 10% stake in Lenskart, is likely to be in the form of a secondary sale of shares, with a small primary round comprising growth equity, the report added.
Lenskart and ADIA did not immediately respond to a Reuters request for comment.
The details on the investors who would dilute their stake and by how much, were yet to be decided, while an official announcement is expected in a couple of weeks, the report said.
Started in 2010, Lenskart has an operational manufacturing unit in India's Haryana state, while another fully-automated plant in Rajasthan state has yet to start functioning. It also operates in the United States, Singapore and the United Arab Emirates.
KKR & Co Inc -backed Lenskart had earlier this year acquired a majority stake in Japanese eyewear brand Owndays, turning the Indian company into one of Asia's largest online retailers in the segment.
