Lenskart invests Rs 5 crore in Tango Eye
Retail eyewear brand Lenskart has invested Rs 5 crore ($673,586) in video analytics SaaS start-up, Tango Eye, through the Lenskart Vision Fund.
Tango Eye will utilise the funds to expand its reach to a larger customer base across the world, improve the company's product features along with hiring tech and business development professionals.
Commenting on the funding, Suren Gounder, founder and CEO Tango Eye in a statement said: "The funds will help the company in harnessing store technology. The fund raise will allow us to add new features to the product enabling our customers to embark on the phygital journey and harness in store technology. We are looking at 10x growth in the next 12 months. We are in conversation for additional funding."
Speaking on the investment, Peyush Bansal, CEO, and co-founder of Lenskart added: “We want to provide support to exceptional entrepreneurs by helping them build successful enterprises. We will be utilising our expertise and experience so far in scaling start-ups to help Tango Eye strengthen its presence and boost its technological developments, while also encouraging it for additional investment rounds."
Tango Eye helps retail stores improve efficiency, increase sales and security, by converting video data into actionable insights.
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