Chennai/New Delhi, Oct 30 Post acquisition by Lenskart for an undisclosed amount, artificial intelligence (AI) based computer vision startup Tango IT Solutions India Private Ltd will expand its offerings, increase headcount and enter newer overseas markets, said a top company official.
Lenskart on Monday announced the acquisition of Tango, an AI-based computer vision startup.
"Lenskart had invested initially in our company. Now they have acquired the stakes held by me and other investors," Tango IT Solutions CEO Surender Gounder told IANS.
With this acquisition, Lenskart plans to use visual artificial intelligence technology in improving store experience as well as its product experience.
"I am cashing out because as a Lenskart group company, we have better synergies to be able to deliver our technology to the global market of retailers. Lenskart has a vision to use AI in extended areas like the new giga factory and more," Gounder added.
The four-year-old Tango has a headcount of about 75 and its solution is present in about 5,000 retail outlets in six countries.
"We plan to grow our retail presence to about 10,000 retail outlets and expand in South East Asia, Dubai and increase the headcount to about 150," Gounder said.
He said the company would also invest in research and development (R&D) to come out with solutions for factories/warehouses.
Lenskart will also be using Tango’s AI technology in improving the store experience as well as its product experience.
In retail outlets, Tango’s AI technology analyses CCTV recordings of stores to give analytics, to improve efficiency, increase sales and security, optimise customer flow as well as ensure proper adherence to all processes by converting video data into actionable insights. Similarly, in its manufacturing plant, Tango’s technology is helping Lenskart automate Quality Test for its lenses and eyeglasses.
"At Lenskart, our strategy has always been to use technology to deliver reliable and delightful customer experience at scale, and the Tango AI technology allows us to do exactly this. We have now extended the technology even to our factory where we are ensuring much more reliable QC (quality control) standards through AI. I am excited about the partnership with Suren and Tango Eye in helping us redefine consumer experience," Lenskart Co-Founder and CEO Peyush Bansal said in a statement.
Co-Founder Ramneek Khurana added: "This strategic move marks a significant milestone in Lenskart's journey towards revolutionising the retail industry.
Established in 2010, Lenskart is a tech-enabled startup that has emerged as India's premier eyewear brand. Currently, the company distributes over 10 million eyewear pairs annually, with an impressive 40 million app downloads.
The brand's expansive network encompasses approximately 500 home eye test representatives and 2,000 brick-and-mortar stores spanning India, Singapore, Japan, Thailand, Taiwan, and the Middle East.
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