The fresh infusion of capital will enable Tango Eye to further scale its operations, foray into new markets, and add new features to its existing products.
Laying out the future roadmap for its growth, Tango Eye has announced its plans to scale its presence to 10,000+ retail stores across the globe and also diversify to other industries. Tango Eye is India’s leading E-manager helping physical spaces achieve Business Excellence through Customer Analytics & SOP Compliance. The startup, which is backed by retail Unicorn Lenskart, has already reached the significant milestone of enabling the digital transformation of over 1000 stores located across India, Singapore and Europe.
Founded in 2018, Tango Eye leverages AI and Computer Vision to offer a SaaS solution that utilizes existing CCTV cameras at physical spaces to achieve efficiency by way of customer analytics, SOP compliance and E-surveillance. The company aims to be the outsourced control center driving business excellence, efficiency, and reducing costs of monitoring. The company also helps retailers implement planogram and best in class merchandising along with identifying out of stock items. Retailers can implement and track SOPs such as staff attendance, regular cleaning and sanitization, and use of personal protective equipment (PPE), among others with the solutions provided by the company. Its clientele includes the likes of Lenskart, Nykaa & Sangeetha Mobiles among many others.
Speaking on the development, Suren Gounder, Founder and CEO, Tango Eye, “Tango Eye is on an aggressive growth trajectory, and it gives us immense pride to have reached the milestone of crossing the 1000 stores mark. Continuing this momentum, we aim to drive the digital enablement of 10,000+ retail outlets in India and across the globe. As part of our long-term growth strategy, we are looking at international expansion as well as bringing new features to our product to continue empowering brick-and-mortar stores and retailers with AI-powered software to improve store management and enhance customer experience.”
“While online shopping has been gaining huge traction lately, offline stores will remain an important customer touchpoint for the retail sector, and retailers that invest in advanced AI-based technologies ahead of the curve are better positioned to cater to the fast-evolving customer needs. Offline retail will not be obsolete, it will just be redefined in the post-COVID world. With our best-in-class solutions, retail brands can efficiently manage their in-store operations while creating a truly differentiated experience for their customers,” he added further.
Tango Eye raised its first institutional funding in October last year from Lenskart. The company is now in talks to raise a Series-A funding round of $4 Mn from existing and new investors. The fresh infusion of capital will enable Tango Eye to further scale its operations, foray into new markets, and add new features to its existing products.
Source: Business World