Anvidha Technologies Private Limited has raised over $1.5 mn in seed funding from its founders and select HNIs to launch its highly anticipated eyewear platform, EyeMyEye, in India.
With a vision towards creating its niche in the eyewear market, EyeMyEye has been launched under the guidance of Ganesh Iyer, Founder & CEO, Anvidha Technologies Private Limited.
The capital received will be utilized to expand the business and build a powerful and reliable Omnichannel platform in India.
With ‘Made in India’ products, EyeMyEye offers a wide range of in-house collections and international brands. Apart from voguish designs for men, women, and seniors, the platform also caters to youngsters with its stylish range of kids' eyeglasses and sunglasses. The brand’s 70,000 sq. ft. warehouse cum office space in Gurugram, its capacity to furnish 5,000+ orders per day, and a robust team of 150+ members bringing forth vital knowledge and experience in their armor, makes EyeMyEye a leap to success.
Commenting on the launch, Ganesh Iyer, Founder & CEO, Anvidha Technologies Private Limited, said, "The launch of EyeMyEye is a great execution milestone for us. The team has pulled off the Pan-India launch amid the pandemic, which is even more commendable. We’ve received over 6,300 sign-ups and 500+ orders on the day of the launch with minimum marketing efforts."
"Currently, we’re hitting at 300+ orders every day which is exciting. The numbers are a testament to great teamwork and collaboration and we’re really eager to see it scale. We’re committed to bringing unmatched eyewear buying experience aligned with superior service to our customers," he further added.
The brand unveils a variety of trendy eyeglasses, sunglasses, contact lenses, computer glasses, power sunglasses along with special eyewear categories like color blind glasses, color-changing frames, reading glasses, and many more with the launch of its e-commerce platform.
Further, the wide range of lens options includes single vision lenses, bifocals and progressives, zero power glasses, and digital screen protection eyeglasses for the smart ‘At Home, On Screen’ masses. It further hosts prominent international brands like Ray-Ban, Oakley, Vogue, Bausch & Lomb and Alcon.
Convergent Finance LLP and Samara Capital have jointly declared the finalization of definitive documents for acquiring a 51.8 percent stake in Agro Tech Foods Limited (ATFL) from a subsidiary of Conagra Brands, Inc. ATFL, a listed company on the Bombay Stock Exchange and the National Stock Exchange, will undergo a mandatory open offer for an additional 26.0 percent of outstanding shares due to this acquisition. The deal is pending customary regulatory approvals and is anticipated to be completed in due course.
Conagra has been a controlling shareholder of ATFL since 2011, and during its tenure, ATFL expanded its food portfolio, featuring renowned brands like ACT II popcorn and Sundrop edible oils. Both brands are leaders in their categories, catering to both in-home and out-of-home consumption. ATFL will retain the license for the ACT II brand from Conagra for use in India.
Harsha Raghavan, Managing Partner at Convergent Finance said, “Agro Tech Foods’ category-defining brands have been beloved household names for the past three decades, thanks to the company’s relentless focus on quality, innovation, and customer delight. As India’s rapidly-growing consumer class expands and discretionary income levels continue to rise, we will expand ATFL’s distribution reach and product range, thereby transforming it into the country’s leading packaged and snack food platform.”
Manish Mehta, Managing Director and Co-Chief Investment Officer at Samara Capital said, “We are delighted to lead the acquisition of a majority stake in ATFL in partnership with Convergent. The company’s brands have high recall value with India’s consumers, and we aim to complement this hard-earned recognition with our knowledge of India’s food and consumer sectors to increase ATFL’s presence in fast-growing, high-margin categories. We intend to create a large and unique branded food platform in the country with this acquisition.”
Convergent Finance LLP, known for its investment management and advisory role, follows a value investing approach, emphasizing fair valuations through negotiated transactions. Samara Capital, founded in 2007, is a mid-market private equity firm in India with a focus on creating long-term value in partnership with entrepreneurs. Consumer and Retail form a significant focus area for Samara.
Conagra Brands, Inc, headquartered in Chicago, is a leading North American branded food company with a portfolio of iconic brands, including ACT II, Birds Eye, Duncan Hines, Healthy Choice, and Marie Callender’s, among others. The company is driven by a commitment to innovation and evolving to meet changing food preferences.
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