Multi-channel eyewear giant Lenskart has strategically moved by acquiring the cutting-edge AI-based computer vision startup TangoEye. This significant development marks a milestone in Lenskart’s commitment to enhancing the in-store experience and product offerings through visual artificial intelligence technology.
TangoEye, a Chennai-based startup founded in 2018 by Surender Gounder, garnered considerable attention when it raised $500,000 in a funding round led by Lenskart, Riso Investments, and Gaurav Gulati in October 2020. The acquisition solidifies Lenskart’s dedication to integrating advanced technology to revolutionize the eyewear industry.
The core mission of TangoEye is to empower retail stores with enhanced efficiency, increased sales, and improved security by leveraging computer vision and AI. By converting video data into actionable insights, the startup provides a suite of innovative products that include Retail Eye, Footfall Analytics, Sentiment and feedback Analytics, Product Placement, Manager Eye, Attendance Tracking, Efficiency Optimization, Secure Eye, and Active Alerts on Suspicious Behavior.
This strategic move by Lenskart builds on its recent forays into the eyewear market. In June 2022, Lenskart acquired a majority stake in Japan’s Owndays, marking its entry into the international eyewear arena. Subsequently, in September, Lenskart’s subsidiary, Neso Brands, acquired a minority stake in the Paris-based omnichannel eyewear brand Le Petit Lunetier.
These acquisitions demonstrate Lenskart’s ambition to establish a global presence and a robust portfolio of eyewear brands.
Lenskart has rapidly expanded its footprint over the years. It now boasts an impressive network of 500 home eye test representatives and 2,000 brick-and-mortar stores spanning India, Singapore, Japan, Thailand, Taiwan, and the Middle East. This extensive reach positions Lenskart as a dominant player in the eyewear industry.
The company’s financial success also speaks volumes about its growth trajectory. In March, Lenskart secured an impressive $500 million in funding, further bolstering its position in the eyewear market. Subsequently, in June, it raised an additional $100 million in funding, showcasing strong investor confidence in its potential and prospects.
With the acquisition of TangoEye, Lenskart plans to set new standards in the eyewear retail space. By harnessing the power of AI and computer vision, Lenskart aims to provide customers with an unparalleled shopping experience, enhanced product recommendations, and state-of-the-art security measures. This move not only aligns with Lenskart’s mission to transform the eyewear industry but also heralds a new era of innovation and efficiency in retail.
