Lenskart announced on Wednesday that it signed a definitive agreement with the Abu Dhabi Investment Authority to raise 500 million dollars amid a market downturn, as the Indian eyewear retailer expands its offerings and prepares for international markets.

This investment is an extension of last year's funding round and allows the startup to maintain its 4.5bn dollars valuation.

As part of its investment, ADIA has acquired some of the early investors of Lenskart's shares in a secondary transaction.

A data analytics platform called Tracxn claims that Lenskart has so far raised 1.5 billion dollars in primary and supplemental investment rounds.

Over the past 12 years, the emerging Indian eyewear company, backed by SoftBank and Alpha Wave Global, has become one of the largest eyewear players in India by offering affordable prices for premium eyewear and other eyewear products while while undermining competition.

As the Indian eyewear retailer expands its offering and ventures into global markets, the Abu Dhabi Investment Authority has made an investment that includes acquiring some shares from early Lenskart backers through secondary purchases, through despite the market downturn.

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