Eyewear retailer Lenskart has invested Rs 3.3 crore in California-based startup ThinOptics that makes innovative reading glasses. This is the third overseas investment for the Delhi-based startup in last one year.
The Peyush Bansal-led company has already announced to set aside about $2-3 million to invest in companies that are working on either products or technologies that can help provide affordable eye care solutions.
ThinOptics and Lenskart have been partners since 2015. The US-based company makes innovative reading glasses that can be attached to a users’ phone or keychain so that the one can’t misplace it.
With backing from Lenskart, ThinOptics will enhance its product portfolio and make several new product announcements in the coming months.
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Earlier known as Valyoo Technologies, Lenskart sells eyeglasses, sunglasses, contact lenses and eyewear accessories. While Lenskart has a facility in Delhi to assemble spectacles, the company gets its frames manufactured in China, Korea, and Italy. Sale of eyeglasses contributed close to 70% of the total revenue.
Founded in 2010, the company has raised over $100 million from investors including Ratan Tata, IFC (venture capital arm of the World Bank) and Kris Gopalakrishnan (Infosys co-founder), among others.
Besides online sale, it also has 410 stores and claims to ship 3,00,000 eyewear units per month.
To enhance its online engagement with customers, Lenskart has invested $1 million and acquired a minority stake in Ditto, a US-based startup which develops 3D face model. The company made a similar deal with Israel’s Tel Aviv-based startup 6over6 in December, last year.
In March, a group of investors in Lenskart announced undertaking a secondary transaction that is estimated to value the company at about Rs 3,000 crore.
The development was reported by ET.
