Lenskart, the Indian eye-wear startup that is supported by the TATA Group has come up with plans to invest $2-3 Mn in startups that focus on either products or technologies that can help provide affordable eye care solutions.
The founder and CEO of the company, Peyush Bansal while in an interview shared the idea and expressed, “These companies could be anything, starting from a tech or a product company working on eye care solutions, be it an innovative eye examination machine or some kind of a lens technology. Investing in these early-stage startups will help us to collaborate in the development of innovative products.”
A US based start-up called ThinOptics has come up with the unique idea of making innovative reading glasses that can be attached to a user’s phone or keychain, making it easier for the user to keep them safely and not misplace them. In lieu to the scheme mentioned above, Lenskart has come ahead to bolster them up by investing $500K which amounts to 3.3 crores in INR.
With no advertising, the sales for the glasses has gone high for the ThinOptics glasses. Putting a confirmation on the investment, Bansal said in a media statement, “With this investment, we intend to work closely with ThinOptics’ California team for growing the India market as well as bringing more innovations in this area.”
Before this, Lenskart had teamed up with a California-based startup named Ditto in order to start 3D Try-On, a feature that lets people try frames virtually. With an aim of changing the vision care in a global level, in December 2017, it acquired a minority stake in Israel-based tech startup called 6over6 for $1 Mn.
Earlier knows as Valyoo Technologies, Lenskart was first started in the year 2010 as an online platform. Presently, it deals in manufacturing, assembly, distribution and supply of products such as eyeglasses, power sunglasses and contact lenses.
Beginning with an aim on innovation and comfort for eye care and eye wear in India, Lenskart has been successful in growing manifold and acts as a dominant player among its competitive companies. With associations like Ditto, 6over6 and now, ThinOptics, the startup has been continuing to introduce customer friendly products in the market.