Lenskart acquires minority stake in Ditto in a $15 million deal

Lenskart, the online eyewear startup, has invested $15 million in the US-based startup Ditto to acquire minority stake in the startup. Though the eyewear startup already uses Ditto’s 3D try-on services, further integration will help Lenskart enhance its online engagement with consumers, wherein users can share different pictures of themselves trying various eye glasses on social media. Peyush Bansal, founder and CEO of Lenskart commented that “Ditto provides us with the patented 3D virtual try-on technology. So far, the response to this service is commendable with over 10,000 trials every day. We have been evaluating our relationship and now want to take it to the next level”.

The startup has grown more than 200 per cent y-o-y during the last couple of years. It has been funded by venture capitalists including IDG Ventures, Ronnie Screwvala-led Unilazer Ventures, IFC, Premji Invest, TPG Growth and TR Capital. Lenskart has been investing heavily in offline experience. It is opening retail stores in Tier-2 and 3 markets to increase its market penetration and reach. Also, the firm has leveraged eye-specialists to reach consumers at home, do their test and recommend the product. The model has been quite successful till now, and the firm aims to carry forward with this.