ClearDekho has raised $5 Mn in its Series A funding round led by Venture Catalysts and SphitiCap
Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone, Boon Capital and FAAD Network have also participated in the funding round
The startup says its business has grown 18x in the last four years
D2C eyewear brand ClearDekho has raised $5 Mn in its Series A funding round led by Venture Catalysts and SphitiCap.
Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone, Boon Capital and FAAD Network have also participated in the funding round.
ClearDekho will use the fresh funds for marketing and expanding in the retail segment. The startup will further deploy capital to strengthen its tech and regional infrastructure to deliver eyewear products within the stipulated time period of four to seven days.
The development comes almost a year after ClearDekho secured $4 Mn in its Pre-Series A funding round from Ritesh Agarwal-led Aroa Ventures, CK Jaipuria Family Office, NB Ventures Dubai, Anuj Sheth of AAJ Ventures, among others.
“There has been a marked shift in which people perceive online shopping post pandemic. 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,” said Pallav Singh, managing partner at SphitiCap.
Founded in 2017 by Singh and Saurabh Dayal, ClearDekho offers eyewear solutions for low-income masses via its website and offline stores across India. It primarily focuses on Tier II, III, and IV towns.
ClearDekho said that it has clocked 18x growth in its business in the last four years. Per the startup, it posted a 60% year-on-year (YoY) revenue growth at $2.5 Mn between the financial year 2021 to the ongoing financial year 2022.
“We are bullish on the Bharat opportunity and we see a tectonic shift in consumer behaviour due to the increasing screen time across new-age consumers from tier III, IV & V Indian towns.
Eyewear as a category is evolving and we believe this decade will be transformative for omnichannel businesses targeting mass market consumers across India,” said Shivi Singh, cofounder and CEO, ClearDekho.
The startup claims to be operating more than 100 stores in over 40 Indian cities. It further claims to have sold over 4 Lakh eyewear products to more than 2 Lakh customers.
In the online eyewear space, it competes with the likes of Lenskart, EyeMyEye, GoGlassic, and Vision Express India, among others.
According to a report, the Indian eyewear industry is likely to see sales volume rising to 427.4 Mn by 2025. The space is further projected to grow at 10.55% annually by 2025.
If we look at the evolving Indian D2C segment, per an Inc42 report, the Indian D2C market is expected to grow to $300 Bn by 2030. The industry is projected to expand at a CAGR of 24% during 2021-2030. The report further states that as of 2022, over 5000 Indian startups are operating in the D2C space.
Within the D2C space, FMCG as a sub-sector secured the highest amount of funding at $2.3 Bn, followed by fashion and home decor bagging $1.5 Bn and $536 Mn respectively in the second quarter of 2022.
