On March 9, 2023, the Supreme Council for Financial and Economic Affairs issued a resolution to reconstitute the Board of Directors of Abu Dhabi Investment Authority (ADIA). This move was made to enhance the governance framework and strengthen the organization's ability to meet its strategic objectives. ADIA is one of the largest sovereign wealth funds in the world, managing a global portfolio of investments across different asset classes.
Wealth funds in the United Arab Emirates (UAE) and Qatar have invested hundreds of millions of dollars with former U.S. President Donald Trump's son-in-law Jared Kushner's real estate company. ADIA was among the investors in Kushner's real estate deals. The investments were made through a fund managed by Apollo Global Management.
On Thursday, Indian eyewear startup Lenskart Solutions Pvt announced signing definitive documents for a $500 million investment from ADIA. The investment will be made through a purchase of primary and secondary shares resulting in ADIA becoming one of the largest shareholders in Lenskart. Lenskart offers a wide range of eyewear products, including eyeglasses, sunglasses, and contact lenses. The company has a strong online presence and operates over 700 stores across India.
The investment in Lenskart is not the first for ADIA in the Indian market. The sovereign wealth fund has been actively investing in India over the years, with a focus on infrastructure, real estate, and private equity. ADIA has also invested in other Indian startups, including food delivery platform Zomato and digital payments company Paytm.
Lenskart announced on Wednesday that it has signed a definitive agreement with ADIA to raise $500 million amidst a growing demand for eyewear products in India. The investment is expected to support the company's expansion plans and help it capture a larger share of the Indian eyewear market.
The Indian eyewear market is highly fragmented, with a large number of small players operating in the market. However, Lenskart has managed to establish a strong brand presence through its online platform and brick-and-mortar stores. The company has also been investing in technology and innovation to offer a better customer experience.
ADIA's investment in Lenskart is a testament to the potential of the Indian market and the confidence of international investors in the Indian startup ecosystem. The investment is also expected to pave the way for other international investors to invest in Indian startups.
Fair-trade regulator Competition Commission of India on Thursday said it has given approval under the green channel route to ADIA for its investment in Lenskart. The green channel route is a fast-track approval system for mergers and acquisitions that do not raise competition concerns.
ADIA is nearing a deal to acquire a stake in Indian eyewear startup Lenskart Solutions Pvt. for about $500 million. The deal is expected to be one of the largest investments in an Indian startup by a sovereign wealth fund.
The investment in Lenskart is expected to boost the Indian startup ecosystem and provide a much-needed boost to the Indian economy. The Indian government has been actively promoting the startup ecosystem in the country, with various initiatives and policies aimed at attracting foreign investment.
UAE leader appoints Sheikh Khaled as heir apparent as part of series of changes at the top of Gulf state. Sheikh Khaled is expected to play a key role in shaping the future of the UAE and its economy. The appointment is expected to have a positive impact on the investment climate in the UAE and attract more foreign investment to the country.
