Total amount raised
₹806.5 Millions
Latest funding date
04/01/2024
Location
EyeMyEye has successfully raised $2.5 million in its latest funding tranche, backed by 13 investors including Turbostart and Meenakshi Group. The company, known for its diverse range of eyewear products, continues to attract significant interest from the investment community.
Keep reading to explore the intricacies of EyeMyEye's fundraising journey and the investors backing this innovative platform.
What Is EyeMyEye?
EyeMyEye, founded in 2021, is a full-stack eyewear platform based in Gurgaon, Haryana, India. The company operates in the eyewear, internet, and retail industries.
Founded by Deepak Arora, Ganesh Iyer, Manish Kumar, Nikhlesh Madan, Sunil Raut, and Vinay Kumar, EyeMyEye has grown to employ between 501 and 1000 people. The company offers a diverse range of eyewear products, including personalized eyeglasses, sunglasses, and contact lenses.
How Much Funding Has EyeMyEye Raised?
- Amount Raised: ₹205M (approximately $2.5 million)
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at expanding product offerings and enhancing AI fitting solutions for multifocal eyewear.
- Amount Raised: ₹393.5M (approximately $5 million)
- Date: August 2022
- Lead Investors: LC Nueva Investment Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at furthering the company's growth and competitive positioning in the market.
- Amount Raised: ₹208M (approximately $2.5 million)
- Date: April 2024
- Lead Investors: Turbostart, Meenakshi Group
- Valuation at Round: $20 million
- Motivation Behind the Round: To expand market presence, strengthen operations, and achieve predefined milestones.
Total Amount Raised: $10 million. Current Valuation: $20 million.
Key Investors
- RBA Finance & Investments
- Details: RBA Finance & Investments is a financial investment firm that participated in EyeMyEye's pre-series A funding round with an investment of Rs 10 crore. Post-funding, they will hold a 6.22% stake in the company.
- Investment Focus Areas: Not specified.
- Notable Investments: Not specified.
- Ashish Ramesh Kacholia
- Details: Ashish Ramesh Kacholia is an individual investor who contributed Rs 10 crore to EyeMyEye's pre-series A funding round. He will also hold a 6.22% stake in the company post-funding.
- Investment Focus Areas: Not specified.
- Notable Investments: Not specified.
- Sachin Shah
- Details: Sachin Shah is an individual investor who contributed Rs 80 lakh to EyeMyEye's pre-series A funding round. His level of involvement beyond this financial contribution is not detailed.
- Investment Focus Areas: Not specified.
- Notable Investments: Not specified.
- Turbostart
- Details: Turbostart is listed as an investor in EyeMyEye, but specific details about the firm are not provided.
- Investment Focus Areas: Not specified.
- Notable Investments: Not specified.
- Meenakshi Group
- Details: Meenakshi Group is listed as an investor in EyeMyEye, but specific details about the firm are not provided.
- Investment Focus Areas: Not specified.
- Notable Investments: Not specified.
What's Next for EyeMyEye?
EyeMyEye stands at the cusp of significant growth opportunities, driven by the increasing demand for personalized and affordable eyewear. With a valuation of $20 million and recent funding of $2.5 million, the company is well-positioned to expand its product offerings and capture a larger market share.
Future fundraising rounds are likely as EyeMyEye continues to demonstrate growth and profitability. The company’s ability to attract strategic investments will be crucial in scaling operations and enhancing its market presence. However, challenges such as intense competition and managing operational costs could pose hurdles along the way.
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