Ecommerce platform for eye wear, LensPick which is owned and operated by Venkart Ecom Private Limited, has raised second round of funding from US-based Scadea Solutions Inc. With this round of funding, Scadea Solutions will acquire a 10% stake in LensPick at latter’s valuation of $5 million.

The raised funding will be used for inventory enhancement and technology upgradation as part of the company’s plans to increase its online presence, reported BusinessStandard.

Founded in 2013, Lens Pick is an online retailer for prescription and non-prescription eyewear. It guarantees highest quality optical products at the most affordable prices. The company provides eye testing facility at the doorsteps of customers in Hyderabad and Bengaluru, sends multiple pairs of frames to provide a choice at the time of delivery to the customers across India. It also extends buy-back offer for old spectacles, gives second frame as a complementary among other things.

"The Rs 43,000 crore Indian eyewear industry offers a great opportunity for the specialised eye wear eCommerce portals. At LensPick.com we are aiming to reach 1,000 plus transactions per day in the next 2-3 years by enhancing the customer experience through a set of innovative initiatives," Dileep Byra, MD, Venkart ECom said.

LensPick started its journey as an off-line eye wear seller in 2011. It has 20 off-line stores in Hyderabad and Bengaluru and has plans to increase the number to 100 in the next 2-3 years covering other tier 1 and tier 2 cities mostly in South India. The firm is also planning to set up a chain of clinics for treating other eye-related problems and the first such clinic will be opened soon in Bengaluru.

The recent deal in this space include New Delhi-based eyewear platform Lenskart raised over $30.14 million from Wipro chairman Azim Premji’s family office, PremjiInvest. Prior to that, it raised $60 million in Series D funding.

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