Eyewear brand ClearDekho has raised $5 million in Series A funding. The round is led by Venture Catalysts and SphitiCap along with investments from Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone, Boon Capital, FAAD Network, and others.
ClearDekho is an eyewear brand targeting low-income mass-market consumers across tier-II, -III and -IV cities and towns. It operates on an online marketplace and asset-light franchise-driven retail stores to deliver high-quality affordable eyewear.
Shivi Singh, Founder & CEO, ClearDekho said, “We see a tectonic shift in consumer behaviour due to the increasing screen times across new-age consumers from tier-III, -IV & -V towns of India. We have seen the business grow by almost 60 per cent from FY21 to FY22 and are determined to double down in the coming years.”
Growth rate
From its inception in 2017, the company said it has opened over 100 stores across 40 cities with the vision to standardise over 80 per cent unorganised optical retail market through its asset-light omnichannel online-to-offline (O2O) business model.
ClearDekho said it has displayed 18 times growth, recording a 60 per cent year-on-year growth in revenue from FY20-21 to FY21-22. It said it has generated total revenue of over ₹20 crore.
Pallav Singh, Managing Partner, SphitiCap said, “This shift has given impetus to visionary brands like ClearDekho to grow so exceptionally. We are excited about working with a brand that comes with an exemplary track record and a sustainable expansion strategy.”