Full-stack eyewear platform EyeMyEye has secured Rs 20.8 crore (approximately $2.5 million) in a new tranche as part of its pre-Series A funding round.
The board at EyeMyEye has approved a special resolution to issue 14,44,847 pre-Series A Compulsory Convertible Preference Shares (CCPS) at an issue price of Rs 143.96 each, raising Rs 20.8 crore, according to regulatory filings sourced from the Registrar of Companies (RoC).
RBA Finance & Investments and Ashish Ramesh Kacholia contributed Rs 10 crore each, while Sachin Shah participated with Rs 80 lakh. Following this infusion of funds, RBA Finance and Ashish Kancholia will each hold a 6.22% stake in the company.
EyeMyEye intends to utilize these funds for business operations, achieving predefined milestones, and as outlined in the shareholder’s agreement, as stated in the filing.
According to data from the startup intelligence platform TheKredible, the company’s valuation stands at approximately Rs 162 crore or $20 million post-investment.
Established in 2021 by Ganesh Iyer, EyeMyEye offers a variety of personalized eyeglasses, sunglasses, and other eyewear products to consumers through its online and offline channels.
EyeMyEye has raised approximately 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.
In the fiscal year ending FY23, EyeMyEye achieved a 34% year-on-year growth, reaching Rs 32.45 crore in revenue. Additionally, the company maintained its losses at Rs 19.36 crore during the same period.
The company faces competition from players such as Lenskart, ClearDekho, Cool Winks, and Lens2Home, among others.
