Indian online eyewear retailer Lenskart announced on Tuesday that it has invested $1million in a US based startup Ditto, for a minority stake in the firm.
Lenskart is Ditto’s customer, with the 3D try-on services developed by Ditto being used by Lenskart on its website while selling spectacles to its customers. This association may be taken to the next level by this investment.
The improved version of the app would not only allow the customers to try out the different designs of frames online and see their pictures, but even share them on social media. This is seen as another step towards better customer engagement by Lenskart.
According to the company, the 3D try-on technology is patented by Ditto and therefore unique to Lenskart’s platform and its popularity is also established by the fact that some 10,000 trials are happening every day already on its website.
Founded by Piyush Bansal, Lenskart has already clocked a phenomenal growth of 200% year on year!
Venture Capitalists, like IDG Ventures, Ronnie Screwvala-led Unilazer Ventures, IFC, Premji Invest, TPG Growth and TR Capital have all taken positions in this venture already and if Lenskart can continue to show similar performance trends in the coming years, it could become a darling of the investing community.