Online eyewear retailer LensPick.com is in talks with private equity players to raise the first round of funding to the tune of R25 crore to part-finance expansion plans. The hybrid e-commerce eyewear company is promoted by
Hyderabad-based Venkart ECom Pvt, marketing a range of products both online and offline, including frames, sunglasses, contact lenses/solutions and power sunglasses. ?We are in the final stages of negotiations with a Hyderabad-based HNI for the first round of funding to help in our business expansion,” Dilip C. Byra, MD, said. ?We are also in talks with other PE firms for scaling up business, adopting latest mobile technologies along with broadening inventory strength,” he said. Incidentally, online portals such as Flipkart, Amazon and the likes have made branded eyewear affordable with discounts or sale offers, coupled with home delivery services.
LensPick.com began operations this year. It is promoted by serial entrepreneur and ex-civil servant Dilip C. Byra and Dr Pavani Byra , a paediatrician and is closely held by family and friends. Byra has experience in building a software company and retail chain by name, Value Pharma. He also heads the offshore operations of the US-based Vensoft in India in the capacity of chief operating officer. ?We expect to achieve 100 transactions per day as our target in the first year. Every day, we receive orders from all parts of the country,” Byra says. The size of the Indian eyewear market is set to more than double by 2015 from R21,000 crore and expected to touch R43,000 crore, says an Assocham report. The eyewear market is concentrated in the unorganised segment and the organised segment accounts for about 25% with a share of R5,200 crore.
