The funds raised shall be utilized for assortment expansion, technology and marketing and shall help to achieve the growth aspirations of the firm and counter competition.
EyeMyEye – one of the largest online players in the eyewear market crosses a milestone valuation of INR 102+ crores after raising INR 20.5 Cr through Angels and HNI in Pre Series A funding. The funds raised shall be utilized for assortment expansion, technology and marketing and shall help to achieve the growth aspirations of the firm and counter competition.
EyeMyEye Pvt. Ltd. is one of the largest players in the Indian Eyewear industry and hosts 30+ International Eyewear Brands online. The brand provides genuine and high-quality products with fast-track deliveries. Within four months of launch, valuation of the company has crossed INR 102+ crores with 5.9 million unique users and 2 million signups. In September month alone the website has achieved 1Lac+ transactions.
Commenting on the fund raise Mr. Ganesh Iyer, Founder & CEO said, “We are very delighted to have such quality names in our cap table. The very fact that such marquee and proven investors have invested in us, shows the level of conviction and faith they have with regards to our ambitious growth prospects. We are very happy to onboard them and look forward to utilize their proven expertise in the start-up space that shall help us achieve our objectives”.
Marquee investors who have participated in this round of funding are Mr. Brijesh Agarwal – Cofounder Indiamart, Mr. Baskara Rao – Chief Technology Officer at Seviora Holdings Pte Ltd (a subsidiary of Temasek) & Mr. Raghav Gupta – MD Asia Pacific for Coursera, also an Insead alumni. All have invested in their personal capacity.
EyeMyEye offers the best quality and wide array of products catering not only to the luxury segment but also value for money products suitable for all pockets. Being a storehouse of the coolest eyewear trends – to making quality eyewear accessible & affordable – EyeMyEye works relentlessly towards becoming a thought leader when it comes vision needs. By being a part of a global network for over 6+ years in their past venture, the team aims at giving Indian audience, the best quality products at unmatched prices, which is currently a challenge in the domestic market. EyeMyEye brings 6000+ stylish eyewear designs with a huge assortment of international range too.
Source: Business World