Lenskart buys minority stake in US start-up Ditto for $1 million
Bengaluru: Online eyewear retailer Lenskart Solutions Pvt Ltd. has invested $1 million for a minority stake in US-based start-up Ditto, which develops graphical 3D models for Lenskart’s virtual trial feature.
The online retailer already employs Ditto’s 3D try-on feature on its website and app.
Lenskart said that it will increase Ditto’s usage to improve user engagement on its platform. For instance, Lenskart users will now be able to share images of themselves trying different glasses and frames on social media.
Ditto is an e-commerce portal that claims to use patented technology to help users find the right set of eyewear.
The online trial feature also provides preferences and historical data to make frame selection faster for online buyers.
“Ditto provides us with the patented 3D virtual try-on technology that allows customers to see themselves in eyewear in 180° angles. So far, the response to this service is commendable with over 10,000 trials everyday. With this association, Ditto has now become a strategic partner for Lenskart,” Lenskart chief executive Peyush Bansal said.
The development comes at a time when Lenskart is working on expanding its supply chain and retail store network. It also announced plans to invest Rs100 crore in the next two years to fund its store expansion.
The company was founded in 2010 as a fully online store and started selling its product offline only in 2014.
It currently sells its products in over 350 offline stores in 95 cities in India.
Lenskart has raised more than $120 million from venture capital firms and other funds till date.