Following the expiry of the six-month IPO lock-in, ADIA has sold ₹1,960 Cr worth of Lenskart shares, marking the latest in a series of large institutional exits. Meanwhile, Ethereal Machines raised $28 million in a Series B round to expand its AI-powered manufacturing solutions.
- ADIA sells ₹1,960 Cr shares as Lenskart IPO lock-in ends
- Ethereal Machines secures $28M for AI-driven manufacturing growth
- Opendoor India office closure affects 250 jobs amid automation shifts
What happened
The Abu Dhabi Investment Authority (ADIA) has sold 4 crore shares of Lenskart worth approximately ₹1,960 crore at ₹490 per share, marking a significant post-IPO profit booking event. This sale comes soon after the company’s six-month lock-in period expired in early May 2026, enabling early investors to liquidate their holdings. Earlier in June, other major shareholders like SoftBank and JP Morgan also divested stakes, reflecting a broader trend of institutional profit-taking.
Simultaneously, India’s deeptech startup Ethereal Machines raised about ₹272 crore (approximately $28 million) in a Series B funding round led by Avataar Ventures. The fresh capital will support expansion of their manufacturing facility, development of AI-powered software Vesper, and creation of an indigenous multi-axis CNC controller. The round brings Ethereal Machines’ total funding close to $50 million to date. Additionally, US-based proptech firm Opendoor has shuttered its India operations, laying off 250 employees citing automation-led restructuring.
Why it matters
ADIA’s exit underscores a key milestone in Lenskart’s post-IPO liquidity cycle, with early investors moving to realize gains after a strong market debut last November. Despite this wave of share selling, Lenskart shares have maintained a market cap around ₹87,000 crore, buoyed by robust financial metrics including a 46% year-on-year revenue increase in Q4 FY26. The active participation by prominent domestic mutual funds and global investment firms in acquiring these shares signals sustained institutional confidence in Lenskart’s growth trajectory.
Ethereal Machines’ funding round highlights rising investor enthusiasm in India’s deeptech manufacturing sector, particularly startups leveraging AI and precision engineering. The company’s plans to scale production capacity and advance proprietary technology position it as a frontrunner in a sector anticipated to contribute $350 billion to India’s GDP by 2030. Meanwhile, Opendoor’s exit reflects challenges faced by foreign technology firms amidst evolving automation policies and rising calls in the US to reduce offshore dependencies. Market players like OneAssist are innovating with AI to expand smartphone protection markets, illustrating the dynamic technology landscape in India.
What to watch next
The critical focus will be on how Lenskart stabilizes its shareholding structure following the widespread institutional selling, especially as mutual funds take larger ownership stakes. Monitoring the company’s operational performance and market acceptance amid this shareholder transition will be crucial to assessing its valuation support in coming quarters. Additionally, the broader investor appetite for IPO follow-on investments in India’s consumer tech sector warrants attention.
For Ethereal Machines, upcoming developments include execution of its planned facility expansion and technology rollouts like the AI-driven Vesper software and new CNC controllers. These advancements could cement the startup’s leadership in precision manufacturing and attract further investment in India’s emerging deeptech ecosystem. Simultaneously, the ripple effects of Opendoor’s India retreat may influence other global firms’ strategies, especially those balancing automation innovations with international footprint decisions.