**ADIA Sheds Lenskart Stake**
Investors in the Indian eyewear market are making significant moves following the expiration of Lenskart’s IPO lock-in period. The Abu Dhabi Investment Authority (ADIA) recently sold shares worth ₹1,960 crore in the eyewear giant, marking the third major stake sale by an institutional investor this week. This development highlights the broader trend of early investors seeking to capitalise on their gains as Lenskart’s stock maintains strong performance.
**Lenskart’s Market Dynamics**
Lenskart, a key player in India’s eyewear industry, has been experiencing a reshuffling of its shareholder base. ADIA, through its Platinum Jasmine A 2018 Trust, offloaded 4 crore shares at ₹490 each. ADIA’s initial investment in Lenskart occurred in 2023, when it acquired stakes worth $500 million in primary and secondary transactions. The sale is not an isolated event; it follows significant divestments by other early backers, including SoftBank and JP Morgan, who sold shares worth ₹2,873.3 crore and ₹96.42 crore, respectively, shortly after the lock-in period ended.
Despite these sales, Lenskart’s stock has shown resilience, rising nearly 25% since its IPO debut in November 2025. The company’s strong financials, with a 46% year-on-year revenue increase to ₹2,515.7 crore in Q4 FY26, provide a robust foundation for its market capitalization of approximately ₹87,345 crore. The question remains whether the newly onboarded mutual funds will sustain Lenskart’s valuation amid these changes.
**Ethereal Machines Secures $28 Million**
In parallel, Ethereal Machines, a Bangalore-based deeptech startup, has raised approximately ₹272 crore in its Series B funding round, led by Avataar Ventures. The company, founded in 2014, is recognized for its proprietary multi-axis CNC machines that offer sub-10-micron precision. The latest funding round aims to expand Ethereal’s manufacturing capacity with a new 3 lakh square foot facility, enhance its AI-powered software solution Vesper, and develop an indigenous multi-axis CNC controller.
This funding round highlights the growing interest in India’s deeptech sector, driven by technological advancements and supportive government policies. With nearly $50 million raised to date, Ethereal Machines is well-positioned to capitalize on the increasing demand for precision manufacturing solutions.
**Implications for India’s Startup Ecosystem**
The recent investment activities around Lenskart and Ethereal Machines underscore a pivotal moment for India’s startup ecosystem. On one hand, the churn in Lenskart’s shareholding reflects a maturing market where early investors are monetising their investments, suggesting a healthy exit environment. On the other hand, Ethereal Machines’ successful funding round points to a vibrant deeptech landscape, buoyed by investor confidence and policy support.
Looking ahead, investors and founders alike should keep an eye on how mutual funds influence Lenskart’s valuation and stability. Simultaneously, the trajectory of deeptech startups like Ethereal Machines will be crucial to understanding the broader impact of technological innovations on India’s manufacturing sector. As these developments unfold, stakeholders will need to navigate the evolving landscape with strategic foresight and adaptability.
