EyeMyEye Essentials

Face Value

₹10.00

Total Share

62,45,168

Total Income

₹21.46 Cr

Profit After Tax

-₹19.18 Cr

EPS

-₹32.41

Enterprise Value

₹8.82 Cr

Intrinsic Value

₹140.75

Sector

Consumer Discretionary

Sub-sector

Apparel & Accessories

Category

Start up Funding

Cashflow - Operations

-₹7.10 Cr

Cashflow - Financing

₹7.00 Cr

About EyeMyEye

Eyemyeye Private Limited (eyemyeye), incorporated on September 16, 2021, is involved in manufacturing and selling of eyewear glasses and lenses, intended to enhance one's quality of life by solving vision problems. The company operates via both online and offline mode. 

The company's platform provides a wide range of eyewear from in-house collections and international brands.

It caters to all age group people with its stylish range of kids eyeglasses, sunglasses, contact lenses, computer glasses and reading glasses enabling customers to get a wide range of eyewear collection.

It has its registered office in Gurugram.

  • EyeMyEye IPO Details

  • The company is planning its IPO, probably after 5 years 

  • EyeMyEye Merger & Acquisition

Merger

The company does not have any Joint venture. Further, no companies ceased to be a joint venture of the company during FY22.

Acquisition

  • The company does not have any associate company. 
  • EyeMyEye Subsidiaries

  • The company does not have any subsidiary company.

EyeMyEye Business Model

  • The company is involved in the manufacturing and supplying of eyeglasses, sunglasses, contact lenses, computer glasses and reading glasses.
  • EyeMyEye Revenue Segmentation

  • Sale of eyewear Products
  • Other Income
  • EyeMyEye Product & Services

  • Stylish range of Kid's eyeglasses 
  • Sunglasses
  • Contact Lenses
  • Computer Glasses
  • Reading Glasses


  • EyeMyEye Assets

Assets as of 31st March 2022


Amount (in Cr)       
 Property, plant, and Equipment3.05
Inventory14.22
Other current Financial Assets4.65
Other Non-Current Assets1.19
  • EyeMyEye Industry Overview

Industry Statistics

Industry Overview

  • Eyewear is anything that one wears to protect the eyes or to correct vision. It could be different types which depend on the quality, size, material, and frame based on the product type, the Indian eyewear market can be segmented into contact lenses, spectacles, and sunglasses


Market Size: 

  • The Indian eyewear market has reached to $ 35.5 mn in 2022 as compared to $ 21.5 mn, which represents a growth rate of 39% year-on-year
  • The growth is primarily attributable to increasing eye health issues, more screen time among all age groups especially post covid-19 aid by work-from-home culture, etc.
  • 70% of the consumers who are wearing or are in need of eyeglasses are in the value segment with the ability to pay between Rs 500 - 1200.
  • By product, the market is dominated by spectacles, which primarily constitute nearly, 3/4th of the total eyewear market in India. It is followed by Sunglasses, which hold nearly 15% of the total eyewear market in India. 
  • North India has held a 35% share of the sunglasses market and is also estimated to hold during the forecast period. Delhi holds the largest share of the market in the forecast period as a fashion trend is huge in Delhi city.
  • Out of the total eyewear import, China accounts for nearly 78% of the imports making it the single largest country exporting eyewear to India.


Breakup by Distribution Channel

1) Optical stores3) Online stores
2) Independent brand showrooms4) Retail stores


 Product segmentation 

1) Contact Lenses 

  •  Premium contact lenses
  •  Mass contact lenses

3) Sunglasses

  •  Polarized sunglasses
  •  Non-polarized sunglasses

2) Spectacles

  •  Spectacles frames
  •  Styles:- Round, Square, Rectangle, Oval, Others
  •  Spectacle lenses

Key growth drivers 

  • Increased screen time: There has been a significant increase in screen exposure during the pandemic. Working from home and children studying from PCs and laptops have been hurting their eyes resulting in the purchase of computer eyeglasses.
  • Increasing eye health issues Around 50 crores of the Indian population needs some form of vision correction but sadly only 25% of those have had their vision corrected. Therefore, the 35 crore population in the Indian sub-continent is still bereft of an eyewear solution, the most common condition is presbyopia, which is age-related and affects a majority aged 35 & above. 
  • Increasing awareness Consumers are becoming increasingly aware of their needs and are also getting brand conscious driving an organized market in eyewear
  • High margins Companies are entering the eyewear space owing to the high margins offered - mark ups over 300% exist between the cost and retail price of certain products.
  • Technological advancements with the use of technology, new developments in eyewear products have started speeding up. Strong investments in online marketing are among the primary drivers for business expansion.
  • Comfortable online buying with e-commerce shopping becoming the new norm, eyeglasses companies are making online eyewear shopping more convenient by providing specialized product pages based on face shape - round, triangle, square, oval, and so on. Furthermore, brands are determining the customer's face type with facial recognition software to assist them in selecting the appropriate eyewear.
  • Innovations revolution in eyewear products like anti-fog spectacles and smart sunglasses are expected to drive demand and generate sales.


How D2C players are disrupting the eyewear market 

  • Opting the D2C route has paved the way for several brands in the eyewear market to establish more robust business models that may help them sustain in the long run.
  • Tata group owned Titan co Ltd has now entered into the e-commerce space for its eyewear brand Titan Eye Plus which strengthened its brand royalty.
  • Titan also has over 600 exclusive stores operating in over 245 cities, it allows them to deal with their customers directly. In this way they achieve higher margins by eliminating the middlemen from the equation.
  • Online retailers such as Lenskart are now aggressively setting up offline stores to eat into market share of traditional retailers. This is giving them greater control over brand messaging and consumer engagement.
  • Nonetheless, these organized D2C eyewear players are now increasingly tapping this massive addressable base with an aim to improve consumer education and style awareness, and that is clearly reflected by the steady growth in their market share.
  • D2C eyewear players are targeting young people with sleek and fashionable sunglasses and spectacle frames. They make online eyewear purchasing more convenient by developing specialized product sites for each face shape - round, triangle, square, oval, and so on.

Impact of COVID 19

  • As a result of the mayhem caused by Coronavirus, several government agencies declared a state of emergency to halt the  spread of the global pandemic which resulted in more screen time for those who were confined to their homes
  • Furthermore people's eyes are suffering as a result of digital overload, prompting them to seek out glasses that protect them from harmful blue light.

  • COVID 19 has resulted in a significant increase in the preference for purchasing eyewear through online networks.


Key Trends In Technology 

  • Artificial intelligence is the science of using complex sets of computer algorithms, codes, and programs to learn, identify, analyze and interpret data such as images, audio, videos, text speech, and anything to everything.
  • As per studies and experiments, AI will play a vital role in eye care and diagnosis and treatment of ophthalmic disease.
  • Because of AI, Today we can easily buy eyeglasses online with just a click and even try them on the website to get the look and feel of it before we purchase.
  • Smart glasses are set to be the next big thing in technology, it puts cameras and headphones into what look like normal sunglasses. Some can even work as augmented reality devices, projecting a computer screen into the corner of your eye.


Challenges 

  • Low penetration in rural areas 
  • High import duty
  • Price gap between branded and unbranded products   

 

Key players in the market 

1) Essilor4) Fastrack
2) Lenskart5) Oakley
3) Titan Eye Plus 6) Polaroid

Future Prospects

About Company
EyeMyEye generated a revenue of 21.44 Cr in the first 6 months of its operations, i.e., in between Oct'21-March'22, and in the first 6 months of FY23, it was able to generate a revenue of 28 Cr. This was possible as the company was able to sell 1.2 million prescription eyeglasses and 0.4 million Sunglasses during this 12-month period. The company also managed to sell 5,80,000 Loyalty memberships(Blink) which further contributed to its revenue. EyeMyEye aims to provide vision correction to 100 million people and has already provided vision correction to 1.5 million people in the last 1 year

Revenue of the company is estimated to increase at a growth rate of 70.58% from FY22 to FY27From FY22 to FY27, the company's net profit is anticipated to grow at a CAGR of 372%.







  • There has been a significant increase in the occurrence of eyesight-related disorders like eye irritation, dry eyes and double vision, etc which is contributing to the rising demand for eyewear as an appropriate measure to prevent further damage 
  • The high growth is driven by consumers' increased consciousness regarding image and style, the eyewear is gradually shifting towards being a fashion accessory.
  • All these indicators point to a major uptick in popularity over the next five years. The global eyewear market is expected to increase due to expansion in the distribution network, rising influence in social media, new innovative designs of glasses, technological advancements, and rapid growth of urbanization.
  • Furthermore, the increasing use of smartphones & computers, rising online learning platforms, increased demand for UV protection, and growing usage of clear eyewear in fashion are major drivers for the market growth.
  • Annual growth in the global eyewear market is expected to be robust over the next five years. Shifting consumer megatrends, transforming market structures and technological innovations are key drivers of this growth. particularly, aging is one of the most significant global demographic factors impacting eyecare as the need for vision correction increases and becomes more complex as a person grows older.

Government Initiatives

  • In India, usually, the eyecare sector is represented by opthalmologists, optometrists and opticians.
  • The need for regulation has been increasingly felt as a large number of optical stores are springing up in cities as well as in villages.
  • The misuse or incorrect glasses or lenses can lead to a number of health concerns if not corrected in time.
  • The Union Health Ministry has set up a panel to deliberate issues to ensure that the optical stores have the requisite qualification to provide opthalmology services and the panel also ensures whether computerized eye tests at the optical shops can be relied upon.
  • Various government and non government organizations are consequently organizing informative initiatives and programs to spread awareness regarding the preventive measures and treatments available for the eyesight problems which has led to an increase in the uptake of several eye products.

EyeMyEye Strengths

  • In the value/mid tier segment, EyeMyEye positioned as a branded organized platform.
  • Eyemyeye has strong and result oriented team with the best in-class industry knowledge 
  • The company has strong and cost effective supply chain with a large assortment of frames, lenses, sunglasses and contact lenses
  • The company has the exclusive partnerships and the largest assortment of brands 
  • The company has proven capability in building a large scale business as  Coolwinks was founded in 2015 by Mr Ganesh Iyer scaled to over Rs 150 Crores in revenues in 2019.
  • Another strength of the company is the variety of glasses they offer such as designer glasses and styles that appeal to a variety of ages 

EyeMyEye Shortcomings

  • Lack of Brand Awareness 
  • As of now it is a loss making company.

EyeMyEye Opportunities

  • Due to increasing eye health issues 35% of Indian population needs a vision correction, which has increased the demand for eyewear products.
  • Consumers are becoming increasingly aware of their needs and are also getting brand conscious which gives many opportunities to the eyewear industry..
  • Value segment is untapped and all existing eyewear players in the market are focused in the premium segment.
  • Category is predominantly run by small and organized retailers who lack technological expertise to retain customers.

EyeMyEye Threats

  • They have a very average marketing strategy, which is reflected by their lack of brand awareness. Some big players like Lenskart are acquiring the market share at an alarming pace. 
  • Competitors can offer similar products quickly.
  • EyeMyEye Detail Info

Industry Statistics

PRIVATE LIMITED

Registered In

India

last Updated

19/12/2022

Registered Date

16/09/2021

Planify Ticker

EyeMyEye

Reg Office: Block A, A-8, Infocity 1, Sector 34, Gurugram, Haryana 122001

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