Eyewear model ClearDekho on Tuesday introduced it raised $5 million in a Collection A spherical led by SphitiCap—an India-centered, early-stage sector agnostic fund—which invested $2.3 million (Rs 18 crore) within the firm.
Traders, together with Enterprise Catalysts (main alongside SphitiCap), Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone, and others, additionally participated within the funding spherical. The corporate will use the funds to help its operations and growth technique.
Pallav Kumar Singh, Managing Companions, SphitiCap, mentioned,
“There was a marked shift the place folks understand on-line buying submit pandemic. This shift has given impetus to visionary manufacturers like ClearDekho to develop exceptionally. We’re enthusiastic about working with a model that comes with an exemplary observe report and a sustainable growth technique.”
ClearDekho targets low-income mass-market shoppers throughout Tier II, III, and IV cities and cities to standardise the 80% unorganised optical retail market by means of its asset-light omnichannel O2O enterprise mannequin.
Since its inception in 2017, the model has opened over 100 shops throughout 40 Indian cities and operates a web-based market.
Speaking concerning the fundraise, Shivi Singh, Founder and CEO, ClearDekho, mentioned,
“India has monumental demand for eyewear, and the organised play is rising by 2x yearly. We’re extraordinarily bullish on Bharat alternative, and we see a tectonic shift in shopper behaviour because of the rising display occasions throughout new-age shoppers from Tier III, IV, and V cities of India. We’ve got seen the enterprise develop by nearly 60% from FY21 to FY22, and we’re decided to double down within the coming years.”
Enterprise Catalysts CEO Apoorva Ranjan Sharma mentioned,
“The impeccable development report displayed by ClearDekho in a brief interval of simply 4 years attracted Enterprise Catalysts from the beginning. So as to add to that, the novel options offered by the corporate, catering to the lots and enabling entry to inexpensive eyewear was recognised by us as a trigger to advertise by means of our sources and community.”