SphitiCap Leads $5 Million Series A Funding Round For ClearDekho Of the total $5 million raised, SphitiCap is infusing $2.3 million in the company, with a vision to support its operations and expansion strategy

SphitiCap, an early-stage sector agnostic fund, has led the Series A funding round for ClearDekho, an affordable eyewear brand.The round also includes investments from Venture Catalysts (leading alongside SphitiCap), Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone, and others. Of the total $5 million raised, SphitiCap is infusing $2.3 million in the company, with a vision to support its operations and expansion strategy.

"We are excited about working with a brand that comes with an exemplary track record and a sustainable expansion strategy. In the short span that we have been associated with them, we are highly impressed with the team's focus to continuously better their offerings, through execution of plans and the sheer commitment to delivering nothing but the best. We look forward to a long-term association with ClearDekho and witnessing a compounding growth of the brand," said Pallav Kumar Singh, managing partner, SphitiCap.

With innovation as the core fundamental, SphitiCap focuses on investments in enterprises that align with the tenets of sustainability, growth, and impact, as per the company's statement.

"India has enormous demand for eyewear and the organized play is growing by 2 times every year. We have seen the business grow by almost 60 per cent from FY21 to FY22 and are determined to double down in the coming years. We are glad to receive the support and resources from like-minded investors like Sphiticap and partners to build for the next billion users," said Shivi Singh, founder and CEO, ClearDekho.

From its inception in 2017, ClearDekho has opened over 100 stores across more than 40 cities with the vision to standardize the 80 per cent unorganized optical retail market through its asset-light omnichannel O2O business model, claimed by the company in a statement.