India's Lenskart has signed a definitive agreement with Abu Dhabi Investment Authority (ADIA) to raise $500 million as the eyewear retailer eye business expansion including new markets.

The fundraise was done at a $4.2 billion valuation and will result in ADIA becoming one of the largest shareholders in Lenskart with a 10% stake, Indian financial daily Economic Times said in a report. ADIA’s investment includes some secondary purchase of shares from some early backers of Lenskart.

According to data intelligence platform Tracxn, Lenskart has raised $1.5 billion to date in primary and secondary raises.

The investment by the Abu Dhabi sovereign wealth fund is an extension to last year’s round and will help the startup retain its $4.5 billion valuation.

The startup, backed by SoftBank and Alpha Wave Global has operations in India, Southeast Asia and the Middle East. It is opening more than seven stores a week and plans to manufacture 20 million pairs of glasses next year, Peyush Bansal, co-founder and CEO of Lenskart told TechCrunch in an interview.

(Writing by Seban Scaria; editing by Daniel Luiz)