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Retail eyewear brand Lenskart has invested ₹5 crore in video analytics SaaS start-up, Tango Eye, through the Lenskart Vision Fund.
Lenskart plans to further invest up to $20 million in select companies from the eyewear, eye-care and omnichannel retail sectors.
Tango Eye is a computer vision company that helps retail stores improve efficiency, increase sales and security, by converting video data into actionable insights.
The Chennai-based start-up will use the funds to expand its reach to a larger customer base across the world.
The funds will also be used to improve the company's product features along with hiring tech and business development professionals.
Tango Eye’s expansion plans
Tango Eye has been looking to grow from its existing 2,000 retail stores to a customer base of 10,000 retail outlets.
Suren Gounder, Founder and CEO Tango Eye, said the funds will help the company in harnessing store technology.
“The fund raise 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,” Gounder said.
Speaking on the investment, Peyush Bansal, CEO, and Co-Founder of Lenskart, said the investment will help Tango Eye in its expansion.
“We want to provide support to exceptional entrepreneurs by helping them build successful enterprises. We will be utilising our expertise and experience so far in scaling start-ups to help Tango Eye strengthen its presence and boost its technological developments, while also encouraging it for additional investment rounds,” he said.
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