The Abu Dhabi Investment Authority (ADIA)-backed Indian eyewear brand Lenskart is poised for a valuation increase of 20% to $6 billion if discussions for a $200-300 million secondary share sale materialise, according to a media report.

Existing investors Fidelity, Kedaara Capital and a third “significant early investor” are considering increasing their holding in Lenskart, Indian news daily Economic Times reported, citing informed sources.

“Multiple investors have held talks for stitching up this round,” sources said.

In a secondary share sale, new investors purchase shares from existing stakeholders, with the proceeds going to the sellers rather than the company.

Lenskart secured $500 million from ADIA in March 2023 through a definitive agreement to fuel its expansion, giving the Abu Dhabi sovereign fund a 10% stake in the company.

The company’s revenue has grown over 40% while nearly hitting profits, an informed source said in the same news report.

A potential IPO is planned in about two years, they added.

Since its inception in 2010, Lenskart has raised $1.08 billion through funding rounds.

The brand cemented its regional presence in June 2024 by opening its first retail store in the Middle East at Yas Mall, Abu Dhabi.

(Editing by Bindu Rai; bindu.rai@lseg.com)