👓Abu Dhabi Invests Big in Lenskart! (Issue 030)

Read online

In today’s Issue 📥 :

• Abu Dhabi Invests Big in Lenskart!

• Stronger than defeat.

• Amazon gets served with a 549 Crore IT Notice.

• US Threatens TikTok.

Abu Dhabi Investment Authority invests $500 million in Lenskart at a valuation of $4.5 billion

☕ Good morning! Sippers,

According to a statement released by Lenskart on March 16, ADIA’s investment will be made through the purchase of both primary and secondary shares, making it one of the largest shareholders in the company. However, completion of the transaction is subject to the receipt of statutory and regulatory approvals. Since 2022, Lenskart has now raised close to $750 million.

The eyewear company plans to use the funds to expand its presence in India and grow internationally in Asia and the Middle East. Currently, Lenskart operates over 2,000 stores, of which 1,500 are located in India, with the remaining spread across Southeast Asia and the Middle East. Lenskart’s new factory, which will manufacture 20 million pairs of eyewear for shipping next year, is also set to launch soon. Lenskart’s CEO, Peyush Bansal, proudly stated that the company’s revenue grew by 60 percent for the second year in a row and is now profitable.

Despite this, the company faced losses in FY22 (2021-22) even after registering a 66 percent jump in revenue. It reported a loss of Rs 102 crore for the year, against a profit of Rs 28 crore in the previous year. However, Bansal remains optimistic and claims that “it is still Day 1 at Lenskart”. He added, “Vision Correction remains a big problem, and Myopia rates continue to grow rapidly, touching levels as high as 80-90 percent in some parts of Asia.

Hence, we are still very early in our journey and have a lot of work to do to continue to make our desired impact in this area of critical need. And ADIA, with its patient and long-term approach to investing, is a perfect partner for us as we embark on the next phase of our journey.”

Lenskart, which was founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, joined the unicorn club in 2019. It has received funding from a range of investors, including SoftBank, Alpha Wave Global, Temasek, KKR, and TPG. According to data available on Tracxn, the company has raised over $1.5 billion in funding to date across 19 funding rounds. In June 2022, Lenskart acquired a majority stake in Japanese direct-to-consumer (D2C) eyewear brand Owndays, one of the largest omnichannel players in the category in Asia.

IMPROVEMENT SIP

Stronger Than Defeat: Maya Angelou’s Words on Perseverance

Maya Angelou was a writer, poet, and civil rights activist who inspired millions of people around the world. Her work was marked by a powerful sense of perseverance and resilience in the face of adversity. In one of her most famous quotes, Angelou speaks to the importance of not giving up, even when faced with defeat.

“There is, I hope, a thesis in my work: we may encounter many defeats, but we must not be defeated,” Angelou said. “In all my work, in the movies I write, the lyrics, the poetry, the prose, the essays, I am saying that we may encounter many defeats—maybe it’s imperative that we encounter the defeats—but we are much stronger than we appear to be and maybe much better than we allow ourselves to be.”

Angelou’s words are a powerful reminder that defeat is a natural part of life, but it does not have to define us. With perseverance and determination, we can overcome even the most difficult challenges and emerge stronger on the other side.

There are countless examples of people who have embodied this spirit of perseverance in their own lives. Take the story of J.K. Rowling, for example. Before she became one of the most successful authors of all time, Rowling was a struggling single mother who faced numerous rejections before finally finding a publisher for her first Harry Potter book. Despite the setbacks, she persevered, and her work has since inspired millions of people around the world.

Another example is that of Oprah Winfrey. Winfrey overcame a difficult childhood, including abuse and poverty, to become one of the most successful television hosts and media moguls in history. She has credited her success to her unwavering determination and the lessons she learned from her early struggles.

HOT SIP

US Threatens TikTok Ban Over Ties With Chinese Parent Company

TikTok, the popular video-sharing app, is under fire from Western powers, including the European Union and the United States, over fears that user data could be used or abused by Chinese officials. US officials have now recommended that TikTok part ways with its Chinese parent company, ByteDance, to avoid a national ban. The White House has set an ultimatum: if TikTok remains part of ByteDance, it will be banned in the United States.

TikTok has denied sharing data with Chinese officials and claims to have been working with US authorities for over two years to address national security concerns. The app currently has over a billion users worldwide, including more than 100 million in the United States, where it has become a cultural force, particularly among young people.

The possibility of a ban has sparked concerns about free speech and the export of American culture and values to TikTok users around the world. The time spent by users on TikTok has surpassed that spent on YouTube, Facebook, Instagram, or Twitter and is closing in on streaming television titan Netflix, according to market tracker Insider Intelligence.

However, the political momentum against TikTok is building, with bipartisan support in both the Republican-run House and the Democratic-held Senate for appearing tough on China. A bill introduced in the US Senate would allow President Joe Biden to ban TikTok, while a separate piece of legislation is also targeting the app in the US House of Representatives.

SMALL SIPS

New Zealand earthquake: The quake was at a depth of 10 km. Hazardous tsunami waves are possible for coasts within 300 kilometers of the epicenter. A magnitude 7.1 earthquake struck in the Kermadec Islands region, located north of New Zealand, on Thursday morning, according to a USGS statement.

AI for Google: A series of new artificial intelligence (AI) tools designed to be used with Gmail, Google Docs, and other products. Google has made the AI tools available for testing to developers and businesses before releasing them widely to the public. Google Cloud chief Thomas Kurian announced the AI additions this week. The tools are designed to assist users in writing and organizing emails and creating business documents and presentations.

Foxconn wins: Taiwanese contract manufacturer Foxconn has won an order to make AirPods for Apple Inc and plans to build a factory in India to produce the wireless earphones, two people with direct knowledge of the matter told Reuters.

Cloud computing: Cloud computing is the supply of computing services such as servers, storage, databases, networking, software, analytics, and intelligence via the Internet to provide quicker invention, more flexible resources, and economies of scale.

Net or worth: Comedian, and actor Kapil Sharma recently said he thinks of himself as a middle-class man despite all of his achievements. The actor will be next starring as a lower-middle-class man who works as a food delivery agent in Nandita Das’ upcoming Zwigato. He also laughed at the suggestion that his net worth is currently ₹300 crores.

With CHAI ☕

Ceo: Actions the best CEOs are taking in 2023.

How to: manage sports anxiety that can affect your child mentally.

Aww: Why are you touching me?

It’s Interesting: About 75% of the Earth’s volcanoes are located on the Pacific Ocean’s “Ring of Fire.”

TWEET