Online Eyeware Marketplace ClearDekho raises $4 million led by Arora Ventures & Others
ClearDekho, an eyewear company, announced that it had raised $4 million in pre-Series A funding led by Aroa Ventures, the family office of Oyo founder Ritesh Agarwal.
The funds will be used to expand its stores across geographies (40%), marketing and on-ground activities to drive new customer acquisitions (30%), and back-end operations infrastructure to automate fittings and quality checks, hiring and training infrastructure, and inventory and private label brands, according to the company (20 percent ).
"The post-Covid exponential increase in screen time across age groups has led to the surge in demand for affordable eyeglasses especially from new-age consumers from smaller towns which are driving the revolution. The next decade 2020 to 2030 would be defining for us,” Shivi Singh, cofounder and CEO of ClearDekho, said in a statement.
According to him, India's $14 billion eyewear market is increasing at a 30 percent compound annual growth rate (CAGR) because to 250 million consumers waiting for affordable spectacles. ClearDekho has over 60 outlets open across the country and has supplied over 300,000 glasses.
“The unorganised optical market has a lot of scope of becoming standardised and hassle-free for the mass consumers. We have strong conviction in the team and their expansion plans. ClearDekho will be present in 100+ cities within the next 12 months and will continue to penetrate Tier 2/3/4 cities across India," said Gaurav Gulati, head and chief investment officer of Aroa Ventures.
Through its FOCO Retail Stores (Franchise Owned Company Operated), Converted Local Optical Retail Stores, and CDs @ Home/Work/School, the company has a strong presence in the offline market. It also runs a marketplace platform where numerous sellers can offer optical products. It claims to have expanded by 1300% in three years.
He said that the $14 billion eyewear industry in India is growing at 30% CAGR year-on-year powered by 250 million people waiting to get affordable eyeglasses. ClearDekho has over 60 operational stores across the country and over 300,000 glasses distributed.
Investors included CK Jaipuria Family Office (Pepsi Bottlers AP), NB Ventures Dubai, Anuj Sheth (AAJ Ventures, Dubai), Kitty Agarwal (Infoedge), Anand Chandrasekaran, Nandi Vardhan Mehta (MD, Kaaf Investments, Dubai), Magnus KJoller Holdings (Danish VC), Mandar Joshi (M Strategy Global, Dubai), Venture Catalyst.
The funds will be used to expand its stores across geographies (40%), marketing and on-ground activities to drive new customer acquisitions (30%), and back-end operations infrastructure to automate fittings and quality checks, hiring and training infrastructure, and inventory and private label brands, according to the company (20 percent ).
"The post-Covid exponential increase in screen time across age groups has led to the surge in demand for affordable eyeglasses especially from new-age consumers from smaller towns which are driving the revolution. The next decade 2020 to 2030 would be defining for us,” Shivi Singh, cofounder and CEO of ClearDekho, said in a statement.
According to him, India's $14 billion eyewear market is increasing at a 30 percent compound annual growth rate (CAGR) because to 250 million consumers waiting for affordable spectacles. ClearDekho has over 60 outlets open across the country and has supplied over 300,000 glasses.
“The unorganised optical market has a lot of scope of becoming standardised and hassle-free for the mass consumers. We have strong conviction in the team and their expansion plans. ClearDekho will be present in 100+ cities within the next 12 months and will continue to penetrate Tier 2/3/4 cities across India," said Gaurav Gulati, head and chief investment officer of Aroa Ventures.
Through its FOCO Retail Stores (Franchise Owned Company Operated), Converted Local Optical Retail Stores, and CDs @ Home/Work/School, the company has a strong presence in the offline market. It also runs a marketplace platform where numerous sellers can offer optical products. It claims to have expanded by 1300% in three years.
He said that the $14 billion eyewear industry in India is growing at 30% CAGR year-on-year powered by 250 million people waiting to get affordable eyeglasses. ClearDekho has over 60 operational stores across the country and over 300,000 glasses distributed.
Investors included CK Jaipuria Family Office (Pepsi Bottlers AP), NB Ventures Dubai, Anuj Sheth (AAJ Ventures, Dubai), Kitty Agarwal (Infoedge), Anand Chandrasekaran, Nandi Vardhan Mehta (MD, Kaaf Investments, Dubai), Magnus KJoller Holdings (Danish VC), Mandar Joshi (M Strategy Global, Dubai), Venture Catalyst.
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