Monday, July 15, 2024

EyeMyEye Raises $2.5M in Pre-Series A Round Funding

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Gurugram-based eyewear platform EyeMyEye has secured Rs 20.8 crore (approximately $2.5 million) in a new tranche of its pre-Series A funding round. This funding, aimed at expanding the startup’s presence in the eyewear market, will also strengthen its operations and help achieve predefined milestones.

The funding round saw participation from investors such as RBA Finance & Investments and Ashish Ramesh Kacholia, with each investing Rs 10 crore. Additionally, Sachin Shah contributed Rs 80 lakh to the pool. Post-funding, both RBA Finance and Ashish Kacholia will each hold a 6.22% stake in EyeMyEye.

Eyewear Representation Image

EyeMyEye plans to allocate the newly acquired funds towards enhancing its operational aspects to better serve its customers.

With the latest funding round, EyeMyEye’s valuation has surged to approximately Rs 162 crore or $20 million (post-money).. Since its inception in 2021, the startup has experienced significant growth, achieving a 34% year-on-year increase in FY23, with revenues reaching Rs 32.45 crore.

A man wearing stylish eyewear EyeMyEye Raises $2.5M in Pre-Series A Round Funding

Despite facing competition, EyeMyEye’s strategic initiatives have enabled it to maintain a steady pace, with losses remaining constant at Rs 19.36 crore during the same period.

EyeMyEye operates in a competitive sector, contending with established players like Lenskart, ClearDekho, Cool Winks, and Lens2Home. Since its inception, the startup has raised approximately Rs 90 crore ($11 million), including a $5 million round led by LC Nueva AIF in August 2022.

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