Gurugram-based eyewear platform EyeMyEye raises $2.5M in a pre-Series A round: Report

Gurugram-based full-stack eyewear platform EyeMyEye has reportedly raised Rs 20.8 crore (approximately $2.5 million) in a new tranche of its pre-series A funding round.

The funding, which was first reported by Entrackr, will enable the startup to expand its footprint in the eyewear market. It is also aimed at strengthening its operations and achieving predefined milestones.

Who led the funding round?

The round saw participation from investors, including RBA Finance & Investments and Ashish Ramesh Kacholia, each investing Rs 10 crore. Additionally, Sachin Shah added Rs 80 lakh to the pool. Post-funding, both RBA Finance and Ashish Kacholia will each hold a 6.22% stake in EyeMyEye, the report said. 

EyeMyEye plans to channel the newly acquired funds towards the business's operational aspects.

Valuation and growth trajectory

Following the latest funding round, EyeMyEye's valuation has surged to approximately Rs 162 crore or $20 million (post-money), as reported by startup data intelligence platform TheKredible.

Since its inception in 2021, The startup has witnessed significant growth, registering a 34% year-on-year increase in FY23, with revenues reaching Rs 32.45 crore. Despite competitive pressures, the company's strategic initiatives have enabled it to maintain a steady pace, with losses remaining constant at Rs 19.36 crore during the same period.

Who are its competitors? 

Founded by Ganesh Iyer, EyeMyEye operates in a vibrant and competitive sector, facing off against established players like Lenskart, ClearDekho, Cool Winks, and Lens2Home. So far, the startup has raised around Rs 90 crore ($11 million) to date, including a $5 million round led by LC Nueva AIF in August 2022.