SphitiCap leads $5 Mn Series A round round in ClearDekho

Eyewear brand ClearDekho has raised $5 million in its Series A round led by SphitiCap. The round also includes investments from Venture Catalysts, Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone and others.

In October 2021, the optical retail chain had raised $4 million in its pre-Series A round led by Aroa Ventures (Family Office of OYO founder Ritesh Agarwal).

Founded by Shivi Singh in 2017, ClearDekho is an omnichannel platform which offers eyewear shopping in both (online and offline) formats. ClearDekho has a presence in the offline market through its FOCO retail stores (franchise-owned company operated) and converted local optical retail stores.

Since its inception in 2017, the brand claims to have opened over 100 stores across 40 cities. The Ghaziabad-based firm plans to add another 1,000 retail stores in the next three years by collaborating with existing optical retailers across India.

Lenskart is the largest player in this space and is currently valued at around $5 billion.  ClearDekho also competes with EyeMyEye, Himalaya Opticals, MedPlusLens, Cool Winks and Lens2Home.

Noida-based ShpitiCap is an early-stage fund which invests in startups ranging from pre-seed stage to Series A level. It recently launched its maiden venture fund with an aim to raise a corpus of around $500 million.