Chennai-based startup Specsmakers, an optical chain with over 260 stores across South India, has raised Rs 23 crore funding from Eight Roads Ventures. Eight Roads Ventures has been backing up the eyewear startup since December 2017 when it invested in the Specsmakers for the first time.
The platform has raised a total of over $7 million from the venture capital firm since then.
Specsmakers (1) aims to become the most affordable eyewear retailer offering high-quality products at extremely affordable prices. Also available online, Specsmakers recently launched its virtual 3D try-on experience that allows customers to try frames of different shapes and sizes and glasses and pick the one that suits them the best.
The company also recently launched its new line of protective eyewear called ‘Blue Zero’ glasses that protect your eyes by reducing the risk of macular degeneration. Age-related macular degeneration refers o an eye disease that may worsen over time and is the leading cause of permanent loss of vision in people over 60.
Aims to create an omnichannel presence
Pratik Shah, CEO & Founder at Specsmakers, said that, like most of the companies, the last few months had forced Specsmakers to rethink how they do things and quickly adapt to the new normal. The company believes that they have been able to stay true to the ethos of their brand by providing consumers with affordable, high-quality, trustworthy optical products easily accessible.
The company plans to create an omnichannel presence with Eight Roads Ventures’ investment. The company further plans to focus extensively on its online-to-offline model while expanding its reach, both physically and digitally.
Specsmakers has witnessed a 300% spike in online orders since the lockdown has been implemented. The company believes that even as the economy opens, their unique selling point will remain to be the affordability. The company expects to see growth in the demand for its products in the coming months.