In an exclusive development reported by Entrackr, EyeMyEye, the full-stack eyewear platform, has successfully secured Rs 20.8 crore (approximately $2.5 million) in a new tranche as part of its pre-Series A round. The company’s regulatory filing sourced from RoC reveals that a special resolution has been passed by the board to issue 14,44,847 pre-Series A CCPS at an issue price of Rs 143.96 each, raising the aforementioned amount.
RBA Finance & Investments and Ashish Ramesh Kacholia have contributed Rs 10 crore each to this funding round, while Sachin Shah has participated with Rs 80 lakh. Post this investment, RBA Finance and Ashish Kacholia will each hold 6.22% of the company.
EyeMyEye intends to utilize these funds for operational purposes, achieving pre-defined milestones, and as outlined in the shareholder’s agreement, states the filing.
According to TheKredible, a startup data intelligence platform, EyeMyEye has been valued at approximately Rs 162 crore or $20 million post-money.
Ganesh Iyer, the founder of EyeMyEye, expressed his enthusiasm about this development, stating, “We are delighted to have received this vote of confidence from our investors. This funding will significantly contribute to our growth trajectory, allowing us to further enhance our offerings and expand our reach.”
Established in 2021, EyeMyEye provides a wide range of customized eyeglasses, sunglasses, and other eyewear-related products to consumers through both online and offline channels.
EyeMyEye has raised a total of around Rs 90 crore ($11 million) to date, including a $5 million round led by LC Nueva AIF in August 2022, as exclusively reported by Entrackr.
During the fiscal year 2022-2023, EyeMyEye witnessed a remarkable 34% year-on-year growth, achieving a revenue of Rs 32.45 crore. Despite this growth, the company’s losses remained stable at Rs 19.36 crore during the same period.
EyeMyEye competes with prominent players in the eyewear industry such as Lenskart, ClearDekho, Cool Winks, and Lens2Home.
This recent funding round is expected to bolster EyeMyEye’s position in the market and fuel its expansion plans, further solidifying its presence in the competitive eyewear industry.
