American Vision, Pune based aggregator of optical stores has secured second round of angel funding from Satish Jamdar, Former Managing Director, BlueStar. With the raised funding, the startup plans to expand its presence to Andhra Pradesh and Madhya Pradesh. Also, it will be used to upgrade the current network of partnering opticians and brand building through various online and offline campaigns.
Though the financial details were not disclosed by either party, a source close to the development sugegsted that the deal size was worth INR 1 Crore ($150,000).
According to a company spokesperson, Jamdar will act as a mentor to the company and provide his valuable inputs in the expansion to other Indian states.
American Vision partners with teh individual opticians to rebrand them as its own subsidiary. The startup then offers services online and offline, giving a better recognized name to the individual opticians, who might not have the bandwidth to market themselves on that bigger scale.
Launched in 2013, the startup had raised 55 Lakh earlier this year in Angel round and it is said to be in talks with a VC firm to raise INR 3 Crores by the end of this year. In the next 5 years, it plans to create a chain of over 15,000 stores in various parts of the country.
Speaking on the development, Ajay G Kashikar said that the aim of the startup is to have one optical center in each of India’s 250,000 pin codes.