ADIA gets nod from competition watchdog for Lenskart investment

Fair trade regulator Competition Commission of India on Thursday said it has given approval under the green channel route to Abu Dhabi Investment Authority (ADIA) for acquiring a stake in the Peyush Bansal-led Lenskart. 
 
Under the green channel route, which does not raise any risk of an appreciable adverse effect on competition, is said to be approved on being intimated to CCI. 
 
This deal also relates to the proposed acquisition of a certain shareholding of Lenskart Solutions Private Limited by Platinum Jasmine, a notice filed by CCI said.
 
Lenskart announced last week that it has signed a definitive agreement with Abu Dhabi Investment Authority to raise $500 million amidst a market slump. 

 
"There are no horizontal overlaps, vertical/ complementary links between the business activities of the parties in India. Given the absence of any horizontal overlaps or vertical or complementary links between the parties to the proposed transaction, the proposed transaction is being notified under the green channel route," CCI said.

 
This investment is an extension to last year's funding round and enables the startup to maintain its valuation of $4.5 billion.  ADIA's investment includes a secondary purchase of shares from some of Lenskart's early backers. 
 
According to Tracxn, a data intelligence platform, Lenskart has raised a total of $1.5 billion in primary and secondary funding rounds to date.

(With added inputs from PTI)

Also Read: YouTube is shutting down its video commerce app Simsim