LensPick, an e-commerce platform for eye wear products, has raised its second round of funding from US-based Scadea Solutions. With this funding round, Scadea will acquire 10 per cent stake in the company, at a valuation of $5 million.
The newly raised capital will be used by the company for inventory enhancement as well as for technology upgradation of its platform. It is also planning to increase its online presence in the coming months.
Earlier, the company had raised its first round of funding from a Hyderabad-based HNI for a similar stake as of this round.
Dileep Byra, M.D. of LensPick, said,
The Rs 43,000 crore Indian eyewear industry offers a great opportunity for the specialised eye wear eCommerce portals. At LensPick.com we are aiming to reach 1,000 plus transactions per day in the next 2-3 years by enhancing the customer experience through a set of innovative initiatives.
Founded in 2013, LensPick is an online retailer for prescription and non-prescription eyewear. It claims to be providing highest quality optical products at the most affordable prices. It also guarantees using the most current optical materials in a variety of brand name glasses.
The company also provides eye testing facility at the doorsteps of customers in Hyderabad and Bengaluru. It sends multiple pairs of frames to provide a choice at the time of delivery to the customers across India. It also extends buy-back offer for old spectacles, gives second frame as a complementary among other things.
It has around 20 off-line stores in Hyderabad and Bengaluru, and further plans to increase the number to 100 in the next 2-3 years covering other tier 1 and tier 2 cities, mostly in South India. It is also planning to set up a chain of clinics for treating other eye-related problems and the first such clinic will be opened soon in Bengaluru.
Major competitor of LensPick in this space is LensKart, which recently raised over $30.14 million from Wipro chairman Azim Premji’s family office, PremjiInvest. Prior to that, it had raised $60 million in Series D funding.