Abu Dhabi Investment Authority (ADIA) is nearing a deal to acquire a stake in Indian eyewear startup Lenskart Solutions Pvt. for about $500 million. ADIA is reportedly close to finalising a deal to purchase a near 10% stake in the eyewear company. This news comes after ADIA invested $350 million in Lenskart in January 2021.
This move could be seen as an attempt by ADIA to expand their investments in the growing Indian market. ADIA is one of the world's biggest sovereign wealth funds, and the Middle East's giant pools of state capital spent tens of billions of dollars last year in the Indian market.
ADIA is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, who is also the UAE national security adviser and head of a top bank in the region. The deal, when finalized, will be a major boost to the Indian eyewear market and a sign of ADIA's confidence in the country's economy.