Lenskart has signed a definitive agreement to raise $500 million from the Abu Dhabi Investment Authority, at the height of the market slump as the Indian eyewear retailer bulks up its offerings and scales to international markets.
Lenskart has been able to keep the prices low because it’s bringing more efficiency into the eyewear sector. The firm has built the expertise to manufacture its own eyeglasses and contact lenses and for many technologies, it’s the exclusive licensing partner for global firms in India.
Hundreds of millions of Indians need vision correction, but only a fraction of this population is currently wearing glasses or contact lenses. Bansal said the company will continue to scale its operations in India and existing international markets where it has operations.Â
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