Chennai, May 7th, 2018 – Lenskart Solutions invests0.5 Million USD in a California-based start-up ThinOptics Inc. that makes innovative reading glasses that stick on your nose; you can attach them to your phone, keychain, laptop, such that you never forget them.
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.
Announcing the investment, 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 revolutionize eyewear and, hence, this investment fits that vision. 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.”
“We’ve been partners with Lenskart since 2015, and have been so pleased with the progress we’ve made together in the India market, we elected to deepen our relationship in 2018,” says David Westendorf, ThinOptics CEO. “With this Lenskart investment, we will continue to evolve our product portfolio to serve the sophisticated needs of India eyewear customers. We will be making several new product announcements in the coming months that deliver on our brand promise to always have our glasses within reach, on the items you never leave home without: your phone, your wallet and keys.”
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.
Lenskart is now the largest optical retailer in the country with 5 million plus App downloads, 410 stores, 200 home opticians. Company claims to ship 300,000 eyewear per month which is the largest in the country now.
ThinOptics products are now available on Lenskart website and App.
Founded in 2010, Lenskart is India’s largest online retailer of premium quality and stylish eyewear, offering over 10,000 different styles to suit all pocket sizes and diverse consumer needs. With a unique click and mortar business model, Lenskart is revolutionizing the eyewear industry by offering disruptive services like Free Home Eye check-up, 3D Try On, Free Home Trial and First Frame Free among others. Through innovative technology and a deep focus on consumer satisfaction, Lenskart has grown more than 200% year on year, to be among the top 3 optical businesses in India. With a rapidly growing network strength of more than 900, Lenskart is present through 400+ stores across 90+ cities in India. 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 (USD 53 Million in May 2016) and Premji Invest (in September 2016).