ClearDekho raises $4 million in funding round led by Aroa Ventures
- ByStartupStory | October 21, 2021
ClearDekho, an eyewear brand, said on Wednesday that it had raised $4 million in pre-series A funding from Aroa Ventures, which happens to be the home office of Oyo founder Ritesh Agarwal.
The company said it can use the funds to expand its stores across all geographies (40%), field ads and actions to drive new buyer acquisitions (30%) and backend operations infrastructure to hire high-quality fittings and testing. and coaching infrastructure and improvement of manufacturer inventory and personal labels (20%).
“The exponential improvement in screen display time in various age groups after Covid has led to an increase in the demand for reasonably priced eyewear, especially from New Age shoppers in small towns close to the origins of the revolution. The next decade 2020 to 2030 can be defined for us,” said Shivi Singh, co-founder and CEO of ClearDekho, in a statement.
He said India’s $14 billion eyewear industry is growing at 30% CAGR per year, fueled by 250 million people willing to buy reasonably priced glasses. ClearDekho has over 60 operational shops throughout the nation and over 300,000 glasses distributed.
“The unorganised optical market has loads of scope of changing into standardised and hasslefree for the mass shoppers. We have a sturdy conviction within the crew and their enlargement plans. ClearDekho might be current in 100+ cities within the subsequent 12 months and can proceed to penetrate Tier 2/3/4 cities throughout India,” stated Gaurav Gulati, head and chief funding officer of Aroa Ventures.
The firm has a powerful presence within the offline market by means of its FOCO Retail Stores (Franchise Owned Company Operated), Converted Local Optical Retail Stores, and CD`s @ house/work/faculty. It further operates a marketplace platform to provide optical products through a number of suppliers. He claims to have increased by 1,300% in three years.
“In addition to opening new franchise stores, ClearDekho plans to add 1,000 additional stores over the next 3 years by partnering with existing optics stores across India,” said Saurabh Dayal, co-founder and COO of ClearDekho.
The fundraising exchange also noted the participation of traders such as CK Jaipuria Family Office (Pepsi Bottlers AP), NB Ventures Dubai, Anuj Sheth (AAJ Ventures, Dubai), Kitty Agarwal (Infoedge), Anand Chandrasekaran, Nandi Vardhan Mehta (MD, chaff investments). , Dubai), Magnus KJoller Holdings (Danish VC), Mandar Joshi (M Strategy Global, Dubai), Venture Catalysts, SOSV MOX (World’s Leading Startup Accelerator VC), Gemba Capital and others.
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