Exclusive: EyeMyEye raises $2.5 Mn in a new tranche

Full-stack eyewear platform EyeMyEye has raised Rs 20.8 crore (approximately $2.5 million) in a new tranche as part of its pre-series A round.

The board at EyeMyEye has passed a special resolution to issue 14,44,847 pre-Series A CCPS at an issue price of Rs 143.96 each to raise Rs 20.8 crore, its regulatory filing sourced from RoC shows.

RBA Finance & Investments and Ashish Ramesh Kacholia pumped in Rs 10 crore each while Sachin Shah participated with Rs 80 lakh. Following the fresh proceeds, RBA Finance and Ashish Kancholia will hold 6.22% each of the company.

EyeMyEye will use these proceeds to operate the business, achieving the pre-defined milestones, and in the manner envisaged in the shareholder's agreement, the filing added.

According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 162 crore or $20 million (post-money).

Founded in 2021 by Ganesh Iyer, EyeMyEye offers a range of customized eyeglasses, sunglasses, and other eyewear-related products to consumers through its online and offline channels.

EyeMyEye has raised around Rs 90 crore ($11 million) to date including a $5 million round led by LC Nueva AIF in August 2022. Entrackr had exclusively reported the development.

EyeMyEye registered 34% year-on-year growth to Rs 32.45 crore during FY23. Moreover, the company's losses remained steady at Rs 19.36 crore during the same period.

It competes with the likes of Lenskart, ClearDekho, Cool Winks and Lens2Home, among others.