ClearDekho, an online eyewear brand in India, has raised $5 million in Series A funding, led by new investors Venture Catalysts and SphitiCap.
Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone, Boon Capital, and FAAD Network also joined.
ClearDekho addresses a major need gap for affordable eyewear solutions in tier I, II & III cities, and towns across India. It enables access to high-quality, affordable eyewear solutions for the low-income masses through an omnichannel O2O business model, blending both, online and offline routes.
In four years, ClearDekho claims to have registered 18x growth, recording a 60 per cent year-on-year growth in revenue from FY 20-21 to FY 21-22. With 100+ stores opened in over 40+ cities, the brand has generated total revenue of INR 20+ crores ($2.5 million).
Furthermore, ClearDekho has sold 4 lakh+ eyewear products, serving over 2 lakh customers in the duration it has been operational.
Shivi Singh, Founder & CEO, ClearDekho, said, “India has an enormous demand for eyewear, and the organised play is growing by 2x every year. 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 FY 21 to FY 22 and are determined to double down in the coming years. Eyewear as a category is evolving, and we strongly believe this decade will be transformative for omnichannel businesses targeting mass-market consumers across India.”
Speaking on the round, Dr. Apoorva Ranjan Sharma, co-founder & CEO, 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.”