Lenskart invests $1 million in Israeli firm 6over6
Indian eyewear retailer Lenskart has invested $1 million (approx Rs 6.5 crore) to pick a minority stake in an Israeli start up 6over6. The company had made a similar investment in September this year to buy a stake in Ditto, a 3D eyewear virtual Trial Company based in California.
Lenskart is planning to infuse more capital into the firm in the near future and will work strategically with 6over6 for development of eyewear products.
Lenskart is also looking to bring the technology used by the Tel Aviv based start-up 6over6 to India in January next year which lets consumers know power of their eyeglasses through a smartphone app.
Lenskart which may go in for an Initial Public Offering (IPO) within the coming two years is currently focusing on becoming India’s largest technology focused eyewear company.
The company is expecting its revenue to double to Rs 600 crore (approx $92.5 million) in the financial year 2016-17 and investing the same on eyewear start-ups from around the globe.
“We had started working with 6over6 in February earlier this year, and this strategic partnership will allow us to develop the product and ensure that our interests are aligned. We anticipate that this technology will change vision care globally,” Peyush Bansal, CEO of Lenskart, told ET on the investment in 6over6.
Lenskart one India's fastest growing eyewear firms currently has around 300 stores across the country and plans to add 200 more stores in tier II and III cities along with a manufacturing unit. It is endorsed by Bollywood actress Katrina Kaif.
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