Lenskart announced that it has inked a formal agreement with Abu Dhabi Investment Authority to invest $500 million, as the Indian eyewear retailer increases its portfolio and prepares for foreign markets. This investment is an extension of last year’s funding round, allowing the business to maintain its $4.5 billion valuation.

ADIA’s investment involves the acquisition of shares from several of Lenskart’s early investors.

Lenskart has raised $1.5 billion in primary and secondary fundraising rounds to date, according to Tracxn, a data intelligence platform.

For the past 12 years, the Indian eyeglasses firm, which has received funding from SoftBank and Alpha Wave Global, has evolved to become one of India’s leading eyewear players by delivering competitive prices on premium spectacles and other eyewear products.

Notwithstanding the market slump, ADIA has made an investment in Lenskart, acquiring some shares from early backers through secondary acquisitions, at a time when the Indian eyewear store is growing its offerings and pushing into worldwide markets.

According to Hamad Shahwan Al Dhaheri, Executive Director of ADIA’s Private Equities Department, “Lenskart has rapidly established itself as one of the largest and most innovative eyewear companies globally. Given its unique technology-enabled and vertically integrated business model, we believe the company remains well-positioned to build on its leadership position. This investment is a continuation of our strategy of investing in highly differentiated, market-leading businesses in Asia linked to the region’s consumption-driven growth and rapid technological advancement.”