Lenskart picks up stake in Israel’s 6over6 for $1 million
, ET Bureau|
Updated: Dec 07, 2017, 09.37 AM IST
NEW DELHI: Eyewear solutions company Lenskart has picked up a minority stake in Israeli startup 6over6. This marks the firm’s second such bet on an overseas earlystage technology venture in less than four months.
The TPG Growth, IFC and Premji-Invest-backed company has invested $1million (about ?6.6 crore) in the Tel Aviv-based startup, and may look to infuse further capital in the latter down the line, Peyush Bansal, CEO of Lenskart, told ET. “We had started working with 6over6 in February earlier this year, and this strategic partnership will allow us to codevelop the product and ensure that our interests are aligned. We anticipate that this technology will change vision care globally,” Bansal said.
6over6 allows consumers to determine the power of their lenses fitted in their eyeglasses through a smartphone application, replacing the traditional optometric tools in the process. The technology, according to Bansal, will begin its pilot testing phase from January next year. This is the second strategic punt taken by Lenskart, and follows its $1 million investment in California-based 3-D graphical modelling venture Ditto in September earlier this year.
Lenskart’s strategy of investing in early-stage technology ventures was first reported by ET in its edition dated December 27.
Based on the opportunities available, Lenskart could shell out up to $10 million for a potential acquisition, or pick up majority stakes in several early-stage ventures, in India and abroad, particularly in the US.
“We can commit up to $10 million, given that we bring a lot to the table as well - the largest market to test the platforms, the largest number of mobile app downloads for an eyewear company, and put our technology resources at their disposal,” Bansal said.
Lenskart had raised over Rs 600 crore in funding in 2016, from PremjiInvest, the personal investment arm of Wipro Chairman Azim Premji, World Bank arm IFC, Swiss investment firm Adveq, TPG Growth, Unilazer Ventures, the investment firm owned by Ronnie Screwvala, and IDG Ventures, giving it a substantial war-chest, a portion of which it plans to use for strategic investments.
The company, which currently has about 365 stops across 95 cities in India, is targeting 460 stores by March 2018.
The TPG Growth, IFC and Premji-Invest-backed company has invested $1million (about ?6.6 crore) in the Tel Aviv-based startup, and may look to infuse further capital in the latter down the line, Peyush Bansal, CEO of Lenskart, told ET. “We had started working with 6over6 in February earlier this year, and this strategic partnership will allow us to codevelop the product and ensure that our interests are aligned. We anticipate that this technology will change vision care globally,” Bansal said.
6over6 allows consumers to determine the power of their lenses fitted in their eyeglasses through a smartphone application, replacing the traditional optometric tools in the process. The technology, according to Bansal, will begin its pilot testing phase from January next year. This is the second strategic punt taken by Lenskart, and follows its $1 million investment in California-based 3-D graphical modelling venture Ditto in September earlier this year.
Lenskart’s strategy of investing in early-stage technology ventures was first reported by ET in its edition dated December 27.
Based on the opportunities available, Lenskart could shell out up to $10 million for a potential acquisition, or pick up majority stakes in several early-stage ventures, in India and abroad, particularly in the US.
“We can commit up to $10 million, given that we bring a lot to the table as well - the largest market to test the platforms, the largest number of mobile app downloads for an eyewear company, and put our technology resources at their disposal,” Bansal said.
Lenskart had raised over Rs 600 crore in funding in 2016, from PremjiInvest, the personal investment arm of Wipro Chairman Azim Premji, World Bank arm IFC, Swiss investment firm Adveq, TPG Growth, Unilazer Ventures, the investment firm owned by Ronnie Screwvala, and IDG Ventures, giving it a substantial war-chest, a portion of which it plans to use for strategic investments.
The company, which currently has about 365 stops across 95 cities in India, is targeting 460 stores by March 2018.
