Lenskart announced an investment of $500,000 ($0.5 million) in ThinOptics.
Never forget your reading glasses again! ThinOptics lets you carry your reading glasses right on your mobile phone so they’re always with you. These are flexible, lightweight reading glasses that solve the problem of people forgetting to carry their reading glasses everywhere and often losing them too. This innovation from California-based start-up ThinOptics has drawn the attention of homegrown Lenskart, one of the largest online optical retailers in the country with 5 million plus app downloads, 410 stores and 200 home opticians.
Recently, Lenskart announced an investment of $500,000 ($0.5 million) in ThinOptics. The latter makes innovative reading glasses that stick on your nose; you can attach them to your phone, keychain, laptop, such that you never forget them. Through innovative technology and a deep focus on consumer satisfaction, Lenskart – founded in 2010 – has grown more than 200% year on year, to be among the top 3 optical businesses in India. The company claims to ship 300,000 eye wear per month which is the largest in the country now.
This is Lenskart’s third investment in less than a year. The company, in September 2017, invested in Ditto, which is an augmented reality technology for trying frames online. Just recently, Lenskart also invested in 6over6, an Israel based start-up, working on enabling eye exams through the Android phone. The company is clearly going after innovation centered around eyewear and has made a dominant mark in the Indian eyewear industry.
ThinOptics has a patented designs that allows reading glasses to stay on your nose and you can tweak/mould them to get the best fit. These glasses have no temples, are super slim and look so cool that one can’t not notice them on the face. Peyush Bansal, CEO, Lenskart said: “ThinOptics is a revolutionary product that solves the problem of people forgetting to carry their reading glasses everywhere and often losing them too. At Lenskart, our vision is to revolutionise eye wear and, hence, this investment fits that vision.”
The Lenskart CEO said, “We have been testing ThinOptics with Indian consumers for last few months and the response has been phenomenal.
Almost all users come back and order a second pair! With this investment, we intend to work closely with ThinOptics’ California team for growing the India market as well as bringing more
innovations in this area. I am excited about this investment.”
Lenskart has been funded by venture capitalists like, IDG Ventures ($4 million in October 2011) and Ronnie Screwvala-led Unilazer Ventures ($10 million in February 2013), TPG Growth & TR Capital ($22 million in January 2015), IFC ($53 million in May 2016) and Premji Invest (in September 2016).