Eyewear startup Lenskart has announced its acquisition of Tango Eye, an AI-based computer vision startup, further enhancing its technology-driven approach to improving customer experiences. Lenskart, led by Peyush Bansal, recently solidified its commitment to advancing the eyewear industry by acquiring Tango Eye, an AI-powered computer vision startup. This strategic move demonstrates Lenskart’s dedication to incorporating innovative technologies into its business model.
Revolutionizing the Eyewear Shopping Experience
Lenskart has consistently employed technology to enhance customer experiences. With the integration of Tango Eye’s AI technology, the eyewear retailer aims to further redefine the way consumers shop for eyewear.
Tango Eye’s Role in Lenskart’s Vision Enhancement
Tango Eye’s AI technology provides various advantages, from optimizing customer flow and store analytics to improving quality control in the manufacturing process. By employing AI-driven solutions, Lenskart plans to take its customer experiences to the next level.
Peyush Bansal’s Vision for Lenskart
Peyush Bansal, Co-founder and CEO of Lenskart, emphasized the importance of leveraging AI to deliver reliable and delightful customer experiences at scale. He highlighted how Tango Eye’s technology extends to the company’s factory, improving quality control standards through AI.
Tango Eye’s Unique AI Capabilities
Tango Eye’s AI technology analyzes CCTV recordings in retail stores, offering valuable insights, optimizing customer flow, and ensuring adherence to standard processes. This innovative approach allows Lenskart to enhance in-store experiences.
AI Automation in Lenskart’s Manufacturing Plant
In the lens and glasses manufacturing process, Tango’s AI technology streamlines quality testing. This automation ensures that Lenskart can deliver high-quality eyewear to its customers consistently.
Suren Gounder’s Perspective on the Partnership
Suren Gounder, Founder and CEO of Tango Eye, expressed pride in the company’s accomplishments, highlighting how its computer vision product has revolutionized retail processes, leading to improved conversions across multiple brands and stores. He also emphasized their plans to extend their technology’s application beyond retail.
Lenskart’s Strategic Growth
In 2022, Lenskart made a significant move by acquiring a majority stake in the Japanese eyewear brand Owndays. This expansion positioned Lenskart as the largest omni-channel eyewear business in the region, reaching markets in Asia, including India, Singapore, Thailand, Taiwan, the Philippines, Indonesia, Malaysia, and Japan.
A Look into Lenskart’s Background
Founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, Lenskart joined the unicorn club in 2019. The company has garnered support from notable investors, including SoftBank, Alpha Wave Global, Temasek, KKR, and TPG, demonstrating its status as a promising player in the eyewear industry.
Tango Eye: An AI-Powered Solution for Retail Efficiency
Based in Chennai, Tango Eye specializes in AI solutions that enhance the efficiency and security of retail operations. By transforming video data into actionable insights, Tango Eye empowers retailers to optimize their processes and increase sales.
In conclusion, Lenskart’s acquisition of Tango Eye is poised to revolutionize the eyewear shopping experience by leveraging AI and computer vision technology. This move reflects Lenskart’s commitment to delivering innovative and efficient solutions to its customers and further solidifies its position as a leading player in the eyewear industry.