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ClearDekho, a Ghaziabad-based eyewear business, has secured $5 million in a Series A fundraising round headed by SphitiCap, with participation from Venture Catalysts, Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone, and others. Aroa Ventures previously invested $4 million in the company in a pre-Series A deal in October 2021. (the Family Office of OYO founder Ritesh Agarwal).
Cleardekho, founded in 2017 by Shivi Singh and Saurabh Dayal, distributes inexpensive eyeglasses items through its online marketplace and franchise-driven retail shops.
The firm stated that it has over 100 outlets in 40 locations and targets low-income mass-market consumers in Tier II, III, and IV cities and towns with its asset-light omnichannel O2O business model to standardize the 80% unorganized optical retail sector.
“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,” said Pallav Kumar Singh, Managing Partners, SphitiCap.
“India has an 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 behavior 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, co-founder of Cleardekho.
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