The $5 million Series A funding for the eyewear company ClearDekho was led by SphitiCap. Venture Catalysts, Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone, and other backers have also participated in the round.
The funding will be used by the firm to support operations and its growth plan.
ClearDekho is an omnichannel platform that provides eyewear shopping in both (online and offline) modes. It was founded by Shivi Singh in 2017.
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“India has enormous demand for eyewear, and the organised play is growing by 2x every year. We are extremely bullish on Bharat opportunity, and we see a tectonic shift in consumer behaviour due to the increasing screen times across new-age consumers from Tier III, IV, and V towns of India. We have seen the business grow by almost 60% from FY21 to FY22, and we are determined to double down in the coming years,” Shivi Singh, Founder and CEO, ClearDekho, said to Your Story.
The company claims to have opened over 100 outlets across 40 locations since its founding in 2017. The Ghaziabad-based company intends to expand by 1,000 retail locations over the following three years by working with the country’s current optical merchants.
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“There has been a marked shift where people perceive online shopping post pandemic. This shift has given impetus to visionary brands like ClearDekho to grow exceptionally. We are excited about working with a brand that comes with an exemplary track record and a sustainable expansion strategy”, Pallav Kumar Singh, Managing Partners, SphitiCap, said.
“The impeccable growth record displayed by ClearDekho in a short period of just four years attracted Venture Catalysts from the start. To add to that, the novel solutions provided by the company, catering to the masses and enabling access to affordable eyewear was recognised by us as a cause to promote through our resources and network”, Venture Catalysts CEO Apoorva Ranjan Sharma said.
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About ClearDekho
India’s Top Affordable Eyewear Brand is ClearDekho. Two young entrepreneurs founded ClearDekho with the goal of revolutionising the eyewear market and providing high-quality, reasonably priced eyeglasses to the general public in rural and urban areas of India. By making affordable eyeglasses more accessible to low-income mass market consumers in India’s small towns and cities, ClearDekho fills a critical need gap.
