Eyewear brand ClearDekho on Tuesday announced it raised $5 million in a Series A round led by SphitiCap—an India-centered, early-stage sector agnostic fund—which invested $2.3 million (Rs 18 crore) in the company. Investors, including Venture Catalysts (leading alongside SphitiCap), Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone, and others, also participated in the funding round. The company will use the funds to support its operations and expansion strategy.
Pallav Kumar Singh, Managing Partners, SphitiCap, said,
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.
ClearDekho targets low-income mass-market consumers across Tier II, III, and IV cities and towns to standardise the 80% unorganised optical retail market through its asset-light omnichannel O2O business model. Since its inception in 2017, the brand has opened over 100 stores across 40 Indian cities and operates an online marketplace.