Eyewear brand Lenskart has made a strategic move by acquiring Tango Eye, an artificial intelligence-driven computer vision startup, aimed at elevating the in-store and product experiences through advanced visual AI technology. Tango Eye, headquartered in Chennai, brings its cutting-edge AI capabilities to the table, with a focus on analyzing CCTV footage within stores to provide actionable analytics, streamline customer flow, and ensure adherence to operational procedures. This technology also empowers Lenskart by automating quality tests for the lenses and eyeglasses manufactured in its facilities.
Peyush Bansal, Co-founder and CEO of Lenskart, emphasized the brand’s commitment to leveraging technology to create reliable and delightful customer experiences at scale. The acquisition of Tango Eye is expected to play a pivotal role in seamlessly bridging the gap between digital and physical touchpoints, further enhancing Lenskart’s offerings in the eyewear industry.
Tango Eye’s forte lies in its ability to convert video data into actionable insights for retail establishments. This translates to improved efficiency, sales, and security for retailers without requiring substantial capital investments. The acquisition, therefore, not only strengthens Lenskart’s position in the market but also promises to fuel Tango Eye’s growth by extending its technology to areas beyond retail.
Founded in 2010, Lenskart has emerged as an omnichannel eyewear retailer with a global footprint. Its acquisition of Japan-based Owndays last year significantly expanded its presence in Japanese and Southeast Asian markets. Combined with Owndays, Lenskart operates a vast network of over 2,000 stores spanning 10 countries, serving a total addressable market valued at over $20 billion. Earlier this year, Lenskart secured $100 million in funding from ChrysCapital, boosting its total capital infusion to $850 million in the past year. The eyewear startup’s valuation soared beyond $4.5 billion following a $500 million funding round from the Abu Dhabi Investment Authority in March.
