[Funding alert] Chennai-based startup Specsmakers raises Rs 23 crore from Eight Roads Ventures
, an optical chain with 260 stores in South India, has raised Rs 23 crore from Eight Roads Ventures. Although the eye wear sector was impacted because of COVID-19, Specsmakers launched a virtual 3D try-on experience allowing customers to choose from an array of different styles. The company recently launched a new line of protective eyewear called ‘Blue Zero’ glasses which protects the eye by reducing the risk of macular degeneration.
Eight Roads Ventures first invested in the company in December 2017 as part of their Series A round. Since then, Specsmakers has raised a further $7 million from Eight Roads Ventures.
Pratik Shah, CEO and Founder of Specsmakers said: “Like most other companies, these last few months have forced us to rethink the way we do things and quickly adapt to the new normal. Launching our online store and thinking of ways to make our customers lives easier and more convenient has helped us stay true to the ethos of the brand - providing consumers with affordable, high quality, trustworthy optical products that is easily accessible.”
The funds will be used to create an omni-channel presence and focus on building the digital and technological capabilities of the ecommerce business. The company plans to focus extensively on the online-to-offline model while adding stores in new geographies.
Since the launch of the online store, the company has seen orders placed online increase by 300 percent post the lockdown. As the economy reopens, consumers will seek value and price will be a key differentiator. Buying habits will change, with consumers seeking quality but at an affordable price. As an affordable eyewear brand, Specsmakers says it sees demand for their products growing in the coming months.