Peyush Bansal’s eyewear brand Lenskart has invested Rs 5 crore in software startup Tango Eye. The funding was part of Lenskart’s Vision Fund, which plans to invest $20 million in select eyecare startups, eye tech startups and the omnichannel retail sector. They plan to make world-class businesses by helping Indian brands with resources.
Chennai-based Tango Eye was founded by Surender Gounder and converts video footage into meaningful insights about the physical space. They leverage artificial intelligence (AI), deep learning and advanced real-time analytics to provide valuable analysis.
The funds will be used to expand its activities, technology and manpower. It plans to go from 2000 retail outlets to 10,000 outlets. In this year, they plan to grow by 10x. Lenskart will lend its expertise on scaling Tango Eye’s business and further help them develop its technology. Tango Eye previously received $500,000 as seed fund from Riso Investments, Lenskart and Gaurav Gulati.
Founded in 2010, Lenskart serves 7 million customers annually and has 800 omnichannel storefronts in 175 locations. Lenskart has with Chiratae Ventures invested $4 million in Adloid, an AR startup. Lenskart’s omnichannel shopping experience (omnichannel stores along with mobile app) is now rapidly growing into a firm global business brand.