Tango Eye, an AI-powered software company (1), has received investments from Lenskart, a Delhi-based eyewear startup. Notably, Lenskart entered the Indian unicorn club earlier in 2020. Besides Lenskart, Rico Capital Fund, a Silicon Valley-based seed funding platform, CIO and Head of OYO, Aroa Ventures also participated in the funding round.
The company would utilize the latest funds to expand its product development activities, operations, and business development. Reportedly, Tango Eye would also use the funding for customer acquisition and hiring new talent.
Notably, the startup has already allotted about 30,387 equity shares at face value of 10 INR and a 533 INR premium per share. Overall, it would allocate over 55,249 equity shares at the price of 543 INR per share to its three investors.
Tango Eye Offers Range of Services to Understand Consumption Pattern of Customers in Retail Stores
Gounder founded Tango Eye in 2018. The company’s AI software allows businesses to get insights about customers’ behaviors by analyzing store videos. One can integrate a range of services to understand customers’ consumption patterns in retail stores.
Notably, the company had also upgraded its capabilities during the COVID-19 pandemic. It includes law enforcement features and other precautionary measures related to COVID-19. The Tango Eye offerings can keep an eye on social distancing in stores, markets, and other services. It can also notify the local authority in case of any breach.
While commenting on new offerings, Gounder stated that it has been helpful to connect with retailers. The Tango Eye initiatives sent a clear message that the team understands the current situation and working to partner with the retailers to bring back customers and get things back on track.
The company provides its services to over 300 stores of 10 retail chains, including L’Occitane and Nykaa. Moreover, it believes that it can generate 10 Crore INR revenue by the end of the current financial year with the latest infusions.