EyeMyEye secures $5 million funding led by LC Neuva AIF

The goal of EyeMyEye is to enhance one's quality of life by resolving vision issues with eyewear.

EyeMyEye, a one-year-old full-stack eyeglasses platform, has obtained Rs 39.35 crore or $5 million in funding led by LC Nueva AIF, a joint venture between Lighthouse Canton, with offices in Singapore, and Nueva Capital, with headquarters in Delhi, among others.

WHO estimates that at least 2.2 billion people worldwide will have a near- or distance vision impairment in 2021. In at least 1 billion – or almost half – of these cases, vision impairment could have been prevented or has yet to be addressed. The leading causes of vision impairment and blindness are uncorrected refractive errors and cataracts.The majority of people with vision impairment and blindness are over the age of 50 years; however, vision loss can affect people of all ages

In April of this year, LC Nueva, an India-focused fund, raised $40 million in its maiden corpus, totaling Rs 300 crore. According to the investment firm at the time of its formation, the investment manager and key Lighthouse Canton stakeholders contributed around 25% of the overall fund size.

The Gurugram-based company is worth approximately Rs 142 crore, or $18 million (post-money). Its valuation at the time of the most recent investment was Rs 102 crore. In the past nine months, EyeMyEye has received the money in two rounds. The business acquired Rs 20.5 crore from angel investors and a number of high net-worth people in November as part of its pre-Series A round.

According to the company’s regulatory filing with the Registrar of Companies (RoC), the board of directors approved a special resolution to allot 27,95,736 CCPS at the issue price of Rs 140.75 per share in order to raise the aforementioned amount. With an investment of Rs 18.65 crore, LC Nueva AIF led the round. Rajesh Bothra (Kobian Pte Ltd) and Lets Ventures each contributed Rs 2.75 crore and Rs 10 crore.

Ganesh Iyer and Sudha Kalyan founded EyeMyEye, an online eyeglasses retailer, in 2021. It states that it has one million customers. In the eyewear market, it competes with companies such as Lenskart, Himalaya Opticals, MedPlusLens, Cool Winks, and Lens2Home, among others.

Tags : #eyemyeye #5million #Lenskart #himalayaOpticals #fundigalert #healthcare #medicircle #smitakumar

About the Author

Shweta Yadav

I strive to provide you with the most current and up-to-date healthcare news and articles in all main areas. Within the Medicircle umbrella, a wide range of themes and categories concerning health.

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