Saturday, April 13

Lenskart Looking to Invest $3 Million in Eye-Tech Startups

Online eyewear firm Lenskart has earmarked about USD 2-3 million to invest in companies that are either working on product or technologies that can help to provide affordable eye care solutions.

As a part of the strategy, firm backed by Ratan Tata, Lenskart has invested about Rs. 3.3 crores in US-based ThinOptics. The intent of investing in early-stage startups is to collaborate in the development of innovative products.

Peyush Bansal, Lenskart founder and chief executive said,

We will invest USD 2-3 million. The companies where we are looking to invest could be either tech or product based working on eyecare solutions, be it an innovative eye examination machine or some kind of a lens technology.

Lenskart had earlier picked up a minority stake for over USD 1million in 6over6, an Israel based firm that allows consumers to determine the power needed for the lenses for their spectacles by using a smartphone application.

Talking in context of the latest deal with ThinOptics, Bansal said that the US-based company makes innovative reading glasses that can be attached to a users phone or keychain so that the user cant misplace it. He also informed that at present reading glasses account for 5 percent of the total volume sales of Lenskart.

“With zero advertising, we have seen sales of about 10,000 pieces a month for ThinOptics glasses. Post the investment, we will now work more closely with the company to see how we can bring innovative designs to Indian consumers at more affordable prices”, he said.

Lenskart was founded in 2010 and has some prominent names including TGP Growth, IDG Ventures, Unlilazer Ventures(Ronnie Screwvala Led), IFC, TR Capital, and Premiji invest as its investors. The online eyewear firm has raised $100 million funding since inception and has about 410 stores that ship about 3,00,00 eyewear units per month.