Cleardekho raises $5 million from Sphiticap, Venture Catalysts, others

By

Maverick Martins

Published
Oct 18, 2022

Eyewear brand Cleardekho has raised $5 million (Rs 41 crore) in a Series A round led by SphitiCap which invested $2.3 million in the company.

Venture Catalysts, Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone, and others also participated in the funding round.

The company will utilise the funds to support its operations and retail expansion across the country.

Commenting on the investment, Pallav Kumar Singh, managing partner at Sphiticap in a statement 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.”

Talking about the fundraise, Shivi Singh, founder CEO of Cleardekho added, “India has enormous demand for eyewear, and the organised play is growing by 2x every year. We are extremely bullish on Bharat opportunity, and we see a tectonic shift in consumer behaviour due to the increasing screen times across new-age consumers from tier 3, 4, and 5 towns of India. We have seen the business grow by almost 60 percent from FY21 to FY22, and we are determined to double down in the coming years.”

Founded in 2017 by Shivi Singh and Saurabh Dayal, Cleardekho is one of India’s leading eyewear retailers with a strong presence across India and also operates an online marketplace.