Platinum Jasmine A 2018 Trust, an investment vehicle managed by the Abu Dhabi Investment Authority (ADIA), successfully executed a block deal on June 17, 2026, to sell a 2.3% stake in the Indian eyewear major Lenskart Solutions Ltd. The transaction, valued at approximately ₹1,960 crore, marks a strategic partial exit for the sovereign wealth fund after a period of significant value appreciation in the startup. This move highlights the robust secondary market demand for high-performing Indian unicorns among both domestic and global institutional investors.
Details of the Block Deal
The secondary market transaction involved the sale of approximately 40 million shares of Lenskart. The deal was executed at a price of ₹490 per share, which was slightly lower than the prevailing market sentiment for private equity valuations in the sector. Following this sale, ADIA’s total holding in Lenskart has decreased from 12.08% to 9.78%.
This transaction follows a similar move by SoftBank, which recently offloaded a 3.25% stake in the company for approximately ₹2,873 crore. The timing of these sales coincides with the expiration of a six-month lock-in period that followed an internal restructuring and secondary funding round in late 2025. ADIA is now reportedly subject to a 90-day lock-up period on its remaining 9.78% stake.
Buyers and Institutional Participation
The block deal saw strong participation from a diverse group of institutional investors, reflecting confidence in Lenskart’s long-term growth prospects. Among the domestic buyers, Kotak Mahindra Mutual Fund emerged as the largest participant. Other significant Indian asset management companies (AMCs) that acquired shares include:
- ICICI Prudential Mutual Fund
- Mirae Asset Mutual Fund
- SBI Mutual Fund
- HDFC Life Insurance
- ICICI Prudential Life Insurance
On the international front, marquee global financial institutions such as Goldman Sachs, Morgan Stanley, and Societe Generale were also involved in the transaction. This broad-based institutional interest suggests that Lenskart continues to be viewed as a high-quality asset within the Indian consumer technology space.
Lenskart’s Valuation and ADIA’s Investment History
The latest block deal values Lenskart at approximately ₹87,000 crore (around $9.2 billion). This represents a substantial increase from its valuation in early 2023, when ADIA first made a significant investment of $500 million in the company. At that time, Lenskart was valued at approximately $4.5 billion, meaning the company’s valuation has more than doubled in just over three years.
Founded in 2010 by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi, Lenskart has grown into one of Asia’s largest eyewear retailers. Headquartered in Gurugram, the company operates a vertically integrated model, manufacturing its own products while selling them through a massive network of physical stores and a robust online platform. The company has expanded its footprint beyond India into markets like Southeast Asia and the Middle East, further driving its valuation growth.
Understanding Block Deals in India
A block deal is a single transaction involving a large quantity of shares between two parties through a separate trading window on a stock exchange. According to guidelines set by the Securities and Exchange Board of India (SEBI), a transaction must meet specific criteria to be classified as a block deal:
- Volume: The trade must involve a minimum of 500,000 shares or a minimum value of ₹5 crore.
- Trading Window: These deals are executed during a specific morning or afternoon window, separate from the regular trading session, to prevent sudden price volatility in the open market.
- Price Band: The price for a block deal must be within a range of plus or minus 1% of the current market price or the previous day’s closing price.
Unlike bulk deals, which are executed during regular trading hours and must be disclosed to the exchanges immediately, block deals are reported separately and are often used by promoters and institutional investors like sovereign wealth funds and private equity firms for strategic entries or exits.
About the Abu Dhabi Investment Authority (ADIA)
Established in 1976, the Abu Dhabi Investment Authority (ADIA) is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi. It is one of the world’s largest sovereign wealth funds (SWFs), managing a massive portfolio across various asset classes, including equities, fixed income, real estate, and private equity.
Headquartered in Abu Dhabi, the capital of the United Arab Emirates (UAE), ADIA’s primary objective is to secure the long-term prosperity of the emirate. In India, ADIA has been a significant long-term investor, pouring billions of dollars into sectors such as renewable energy, infrastructure, real estate, and digital technology. Its investment in Lenskart through the Platinum Jasmine A 2018 Trust is part of its broader strategy to back leading technology-driven consumer brands in high-growth markets.
Key Takeaways
- Platinum Jasmine A 2018 Trust, backed by the Abu Dhabi Investment Authority (ADIA), sold a 2.3% stake in Lenskart via a block deal.
- The transaction was valued at approximately ₹1,960 crore and involved the sale of 40 million shares at ₹490 per share.
- Following the deal, ADIA’s total holding in Lenskart has reduced from 12.08% to 9.78%.
- The block deal valued the Gurugram-headquartered eyewear unicorn at approximately ₹87,000 crore (about $9.2 billion).
- Lenskart was founded in 2010 and has more than doubled its valuation since ADIA’s initial investment in early 2023.
- Key buyers in the deal included Kotak Mahindra Mutual Fund, Morgan Stanley, and Goldman Sachs.
- A block deal in India must involve at least 500,000 shares or a minimum value of ₹5 crore, as per SEBI guidelines.
- ADIA, headquartered in Abu Dhabi, was established in 1976 as a sovereign wealth fund to manage the long-term wealth of the emirate.
