To facilitate rapid expansion, the funds will be used to improve product features as well as hire tech and business development professionals.
India’s leading omnichannel D2C eyewear brand Lenskart has invested Rs 5 crore in Chennai-based software startup Tango Eye via the Lenskart Vision Fund, and further plans to invest up to USD 20 million in select entities from the eyewear, eye-care and omnichannel retail sectors. This will facilitate deep tech expertise in building futuristic technologies for eyewear and give Tango Eye access to the right ecosystem to build consumer centric, technology-led, disruptive products and services.
Now, the Chennai-based startup which provides actionable insights by leveraging artificial intelligence and advanced real-time analytics to its clients, can reach out to a larger potential customer base throughout the world. Tango Eye has been looking to grow from its existing 2,000 retail stores to a customer base of 10,000 retail outlets – a feat it can accomplish through a combination of growing Indian and international retail brands. To facilitate rapid expansion, the funds will be used to improve product features as well as hire tech and business development professionals.
Suren Gounder, Founder and CEO Tango Eye said, “TangoEye has built the best in class product for in store analytics. We bring e-commerce style analytics to the stores to enable high conversion and customer engagement. The fund raise will allow us to add new features to the product enabling our customers to embark on the phygital journey and harness in store technology. We are looking at 10x growth in the next 12 months. We are in conversation for additional funding.”
Speaking on the investment, Peyush Bansal, CEO, and Co-Founder Lenskart said “Lenskart is built on the foundation of entrepreneurship and we want to help further this in India as well as globally. With our investments such as Tango Eye, we are aiming to create and build world-class businesses from India, especially those that are disrupting the industry with technology or product innovation. We want to provide support to exceptional entrepreneurs by helping them build successful enterprises. We will be utilising our expertise and experience so far in scaling startups to help Tango Eye strengthen its presence and boost their technological developments, while also encouraging them for additional investment rounds.”
Lenskart currently serves over 7 million customers yearly through its omnichannel shopping experience, which includes an online store, a mobile app, and 800+ omnichannel storefronts in 175 locations and is a rapidly growing business globally.
Source: Business World