India-based online eyewear brand Lenskart has announced signing a definitive agreement for a $500 million investment from the Abu Dhabi Investment Authority (ADIA).

Founded in 2010, Lenskart has emerged as one of the top omnichannel retailers and manufacturers of eyewear in India. In addition to its online focus, the company also has a strong offline presence with 1,500 stores across the country. It posted a revenue of over $180 million in the financial year ending March 2022.

In recent years, the company has also expanded its presence outside the Indian shores. In July 2022, the company acquired a majority stake in the Japanese eyewear brand Owndays in a deal worth $400 million. The company also has a presence in the Middle East. Lenskart says it now has 500 stores outside India.

According to data intelligence platform Tracxn, Lenskart has raised $1.5 billion to date in primary and secondary raises from investors including SoftBank and Alpha Wave. Its latest investment round before this recent one was in April 2022 when it raised Rs 760 crore or $100 million from Alpha Wave, almost one year after raising $95 million in a round led by KKR.

The investment which comes at a time when deal flow activity has slowed significantly in the Indian startup market, especially for late-stage startups is an extension to its last year’s round and helps the startup retain its $4.5 billion valuation.

According to media reports, post the completion of the deal, ADIA would have around a 10% stake in Lenskart, alongside other current stakeholders, such as SoftBank with the single-largest share, holding a 19% stake in the eyewear brand. Premji Invest holds another 10.4%, while Kedaara Capital holds about a 9% stake in Lenskart.