Omnichannel eyewear unicorn Lenskart has acquired artificial intelligence (AI)-powered computer vision startup Tango Eye for an undisclosed amount.
Founded by Surender Gounder in 2018, Tango Eye uses AI to analyse footfall across retail stores from CCTV footage. It helps retailers optimise customer flow and ensure proper adherence to all processes involved in the transactions.
Lenskart already owned a stake in Tango Eye through its investment in the latter in 2020.
With its AI-powered B2B offering, Tango Eye helps Lenskart automate quality testing at its manufacturing plants.
With the acquisition, Lenskart plans to leverage the visual-AI technology of Tango Eye to improve its in-store and product experience for the customers.
Commenting on the move, Lenskart cofounder and CEO Peyush Bansal said, “At Lenskart, our strategy has always been to use technology to deliver reliable and delightful customer experience at scale, and the Tango AI technology allows us to do exactly this.”
Tango Eye aims to create Retail Web Services (RWS) to encompass every activity in retail stores that requires monitoring and help businesses gain maximum revenue per square foot.
Adding to this, Tango’s founder Gounder said that its AI-powered analysis helps retailers solve real-world problems, helping them improve conversions across many brands and stores. “We are now extending our tech beyond retail to improve reliability of processes across the company. With Lenskart as a partner, we hope to invest a lot more into our technology and talent,” he added.
This is the first acquisition by Lenskart since it secured $100 Mn funding from ChrysCapital to accelerate its growth plans and strengthen its position as a global eyewear leader. Prior to that, the eyewear major secured another $500 Mn from Abu Dhabi Investment Authority (ADIA), which increased Lenskart’s reach to 13 markets, including India, Japan, and multiple countries in the Southeast Asian region.
Lenskart posted a consolidated loss of INR 102.3 Cr in FY22 against a profit of INR 28.9 Cr in FY21. Its operating revenue zoomed 66% to INR 1,502.7 Cr .
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