Ghaziabad-based eyewear brand Cleardekho has raised $5 million in a Series A funding round led by SphitiCap, along with the participation from Venture Catalysts, Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone and others.
Previously, the brand had raised $4 million in a pre-Series A round in October 2021 from Aroa Ventures (the Family Office of OYO founder Ritesh Agarwal).
Founded in 2017 by Shivi Singh and Saurabh Dayal, Cleardekho sells affordable eyewear products via its online marketplace and franchise-driven retail outlets.
The startup said it has over 100 stores across 40 cities and targets low-income mass-market consumers across Tier II, III, and IV cities and towns to standardise the 80% unorganised optical retail market through its asset-light omnichannel O2O business model.
“India has enormous demand for eyewear and the organized 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 FY 21 to FY 22 and are determined to double down in the coming years,” said Shivi Singh.
Speaking on the investment, Apoorva Ranjan Sharma, CEO of Venture Catalysts, 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.”