India’s online eyewear retailer Lenskart has picked up a minority stake in Israeli startup 6over6 by investing about USD 1 million in the startup. This marks the firm’s second such bet on an overseas early stage technology company in less than four months.
Delhi-based Lenskart will use technology, developed by 6over6, that enable users to determine the power of their lenses fitted through a smartphone application.
Additionally, Lenskart will partner with 6over6 to co-develop and test the product before taking it to the market, the company said in a statement.
6over6 is the second strategic bet taken by Lenskart, and follows its $1 million investment in US-based 3D graphical modelling venture Ditto in September earlier this year.
6over6 allows consumers to determine the power of their lenses fitted in their eyeglasses through a smartphone application, replacing the traditional optometric tools in the process. The technology, according to Bansal, will begin its pilot testing phase from January next year.
Founded in 2010, Lenskart has been funded with close to USD 142 million by venture capitalists such as IDG Ventures, Unilazer Ventures, IFC, TPG Growth, TR Capital and Premji Invest.
The above development was first reported in Economic Times.
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