[Funding Alert] D2C Eyewear Brand ClearDekho raises $5Mn Series A Funding led by Venture Catalysts and ShpitiCap

Shivi Singh Clear Dekho

D2C eyewear brand ClearDekho has raised $5 million in its Series A funding round led by Venture Catalysts and SphitiCap. Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone, Boon Capital and FAAD Network also participated in the funding round.

ClearDekho will use the fresh funds for marketing and expansion in the retail segment. The startup will further deploy capital to strengthen its technology and regional infrastructure to deliver eyewear products within a set timeframe of four to seven days.

The development comes nearly a year after ClearDekho secured $4 million in its pre-Series A funding round from Aroa Ventures led by Ritesh Agarwal, CK Jaipuria Family Office, NB Ventures Dubai, Anuj Sheth of AAJ Ventures, among others.

Founded in 2017 by Shivi Singh and Saurabh Dayal, ClearDekho offers eyewear solutions to the low-income masses through its website and offline stores across India. It primarily focuses on Tier II, III and IV cities.

Shivi Singh, Co-founder and CEO of ClearDekho, said, “We are bullish on the Bharat opportunity and see a tectonic shift in consumer behaviour due to increased screen time for new-age consumers from India’s tier III, IV and V cities. Eyewear as a category is evolving and we believe this decade will be transformative for omnichannel companies targeting mass market consumers across India.”

Pallav Singh, Managing Partner at SphitiCap, said, “There has been a significant shift in the perception of online shopping after the pandemic. This shift has given impetus to visionary brands like ClearDekho to grow so exceptionally. We are excited to partner with a brand that has an exemplary track record and sustainable expansion strategy.”

The startup claims to operate over 100 stores in over 40 Indian cities. It further claims to have sold more than 4 Lakh eyewear products to more than 2 Lakh customers.

ClearDekho said it has seen an 18-fold growth in its business over the past four years. The startup reported a 60% year-on-year (y-o-y) increase in revenue to $2.5 million between FY2021 and the ongoing FY2022.

In the online eyewear space, it competes with Lenskart, EyeMyEye, GoGlassic and Vision Express India, among others.

According to the report, the Indian eyewear industry is likely to see an increase in sales volume to 427.4 million by 2025. By 2025, this space is expected to grow further by 10.55% annually.

Looking at India’s evolving D2C segment, India’s D2C market is expected to grow to $300 billion by 2030. The industry is projected to expand at a CAGR of 24% during 2021-2030. The report further states that by 2022, more than 5,000 Indian startups are active in the D2C space.

In D2C, FMCG as a sub-sector secured the highest funding volume at $2.3 billion, followed by fashion and home decor at $1.5 billion and $536 million in Q2 2022.

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