Eyewear brand ClearDekho has raised $5 million in its Series A funding round led by new investors Venture Catalysts and SphitiCap along with investments from Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone, Boon Capital, FAAD Network and others, it announced on Tuesday.
Founded by Shivi Singh and Saurabh Dayal in 2017, ClearDekho claims to have sold over four lakh eyewear products, serving over two lakh customers in the duration it has been operational. The startup has opened over 100 stores in over 40 cities and has generated total revenue of Rs 20 crore.
“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 and V towns of India. We have seen the business grow by almost 60% from FY21 to FY22 and are determined to double down in the coming years,” said ClearDekho founder and CEO Shivi Singh.
Online marketplace ClearDekho operates an asset-light, franchise-driven retail model for affordable eyewear. The startup had raised $4 million in its pre-Series A round led by Aroa Ventures (family office of Oyo founder Ritesh Agarwal), with participation from other investors.
INDIA DEAL MONITOR
Here are the prominent venture capital transactions in India announced from October 14-18, 2022.
