Software startup Tango Eye has raised Rs 5 crore in fresh funding from direct-to-consumer (D2C) eyewear brand Lenskart, the company said in a statement on Thursday.
Tango Eye said that it will be using the funds for product development activities, expansion, and to increase manpower in the technology and business space.
Lenskart launched Vision Fund in June this year, and plans to invest up to $20 million (around Rs 148 crore) in select entities across eyewear, eye care and omnichannel retail sectors.
Founded by Surender Gounder, Tango Eye is an artificial intelligence-based (AI) computer vision company, focused on deep learning technology that provides solutions to physical spaces by converting video footage into meaningful insights. It is planning to expand its retail outlets to 10,000 from the current 2,000, the statement said.
"The fundraise 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,” said Gounder.
Founded by Peyush Bansal in 2010, Lenskart sells eyeglasses, contact lenses and sunglasses online, and also through around 750 retail outlets across India.
According to the statement, Lenskart currently serves over seven million customers annually through its omnichannel shopping experience, which includes an online store, a mobile app, and over 800 omnichannel storefronts in 175 locations.
Earlier this month, Lenskart, along with Chiratae Ventures (Formerly IDG Ventures, India), invested $4 million (around Rs 29 crore) in augmented reality start-up Adloid.