In a fresh tranche of its pre-series A funding round, full-stack eyewear platform EyeMyEye has raised Rs 20.8 crore, or roughly $2.5 million.
Based on its regulatory filing sourced from RoC, EyeMyEye’s board has passed a special resolution to issue 14,44,847 pre-Series A CCPS at an issue price of Rs 143.96 each, raising Rs 20.8 crore.
Sachin Shah contributed Rs 80 lakh, while RBA Finance & Investments and Ashish Ramesh Kacholia each contributed Rs 10 crore. After the new funding, Ashish Kancholia and RBA Finance will each own 6.22% of the business.
The filing further stated that EyeMyEye will use these proceeds to run the company in the way outlined in the shareholder’s agreement, meeting the pre-established milestones.
The company is reportedly valued $20 million (post-money) or about Rs 162 crore.
Ganesh Iyer founded EyeMyEye in 2021. Through its online and physical channels, the company provides customers with a variety of personalized eyeglasses, sunglasses, and other eyewear-related products.
Including a $5 million funding round headed by LC Nueva AIF in August 2022, EyeMyEye has raised about Rs 90 crore ($11 million) to date.
In FY23, EyeMyEye saw a 34% yearly growth to Rs 32.45 crore. In addition, the company’s losses for the same time frame held steady at Rs 19.36 crore.
Among its competitors are Lenskart, ClearDekho, Cool Winks, and Lens2Home.
