Eye-wear startup ClearDekho has raised $4 Million in a Pre-Series A funding round led by Ritesh Agarwal-led Aroa Ventures.
The initiative also saw participation from other investors such as CK Jaipuria Family Office (Pepsi Bottlers AP), NB Ventures Dubai, Anuj Sheth of AAJ Ventures, Kitty Agarwal of Infoedge, Anand Chandrasekaran, Nandi Vardhan Mehta, Venture Catalysts, SOSV MOX, Gemba Capital, among others.
Founded in the year 2017 by Shivi Singh and Saurabh Dayal, ClearDekho offers affordable eyeglasses and targets towns and cities of Tier II, Tier III, and Tier IV in the country. Just like Lenskart, ClearDekho also offers its users to purchase eyewear online or visit its more than 60 operational stores across the country.
ClearDekho has a stiff competition with companies like Lenskart and Chennai-based Specsmakers. While Lenskart last raised $220 Million from Temasek and Falcon Edge earlier this year to strengthen its presence in Southeast Asia and the Middle East, Specsmakers last bagged INR 23 Cr from Eight Road Ventures to increase its online presence.
ClearDekho plans to utilise 40% of the funds for expansion of stores across geographies, 30% of the investment for marketing and on-ground activities to drive new customer acquisition, and the remaining 30% around backend operations infrastructure to automate fittings and quality check, hiring, and enhance inventory and private label brands.