Is there room for another Online Eye Retailer?

Eye Retailer

EyeMyEye, a full stack platform merchandising eyewear has secured $5 million in a fundraising spearheaded by Singapore-based Lighthouse Canton, and Delhi-based Nueva Capital (under the umbrella of LC Nueva AIF), alongside other investors. The startup is barely a year old.

Regulatory filing records domiciled with the Registrar of Companies (ROC) shows that EyeMyEye’s board recently made a resolution allotting 27,95,736 CCPS at Rs 140.75 per share to secure the funds.

Asides LC Nueva AIF which spearheaded the fundraising round with Rs 18.65 crore, other participants in the round are Lets Ventures which stepped in at Rs 2.75 crore, and Rajesh Bothtra a subsidiary of Kobian Pte Ltd which stepped in at Rs 10 ccrore.

LC Nueva is a Pan Indian investor. In April 2021 when it participated in its maiden aggregation, the company raised $40 million. The investment firm announced that a substantial 25% of the funds it raised was provided by the investment manager, and Lighthouse Canton’s major stakeholders.

Entrackr confirmed that EyeMyEye’s valuation since raising $5 million has leaped to an impressive $18 million (Rs 142). Previous valuation at the last fundraising maxed at (Rs 102 crore).

Gurugram based EyeMyEye was founded by Ganesh Iyer, and Sudha Kaylan in 2021. The platform primarily retails eyewear online. It provides various eyewear to customers from in-house collections and international brands. It also provides stylish range of kids’ eyeglasses, sunglasses, contact lenses, computer glasses, and reading glasses for youngsters affording customers a wide range of eyewear collections. EyeMyEye’s major competitors in the eyewear space include Himalaya Opticals, Lenskart, MedPlusLens, Lens2Home, and Cool Winks.

In its past fundraising which was a Pre Series A round conducted in November 2021, the platform secured Rs 20.5 crore. The November fund raising round was backed by a pool of affluent investors, and some angel investors. The latest funding marks EyeMyEye’s second attempt.

As originally reported in (https://entrackr.com/2022/08/exclusive-online-eyewear-retailer-eyemyeye-raises-5-mn/)