04 September 2018, India:
SOSV-MOX China Accelerator has invested in eyewear brand ClearDekho. The financial details of the investment have not been disclosed yet. This is SOSV-MOX’s first investment in an Indian eyewear retail startup.
As a part of dealm as part of the deal, Mobile Only Accelerator (MOX) will work with ClearDekho for a range of industry cross-border partnerships, the company said in a statement.
The company will use the fresh capital to capture and establish a presence in the untapped mass market in tier 2 and tier 3 cities across the country.
“Our platform has been dedicated to enable great ideas become scalable solutions impacting the community at large, we see ClearDekho as the perfect embodiment of that. We love the passion & expertise the team brings and are excited to see our partnership solve the problem of affordable, qualitative eyewear not just in India but to any consumer, the world over who needs it,” said William Bao Bean, Partner SOSV & Managing Director MOX.
“There is currently just 1 optical store for every 70,000 Indians. This leads to massive losses in productivity with India losing almost $37B in productivity every year as 250 mn people struggle to see everyday. This to be is a shocking gap that needs to be bridged and that’s where ClearDekho steps in. We firmly believe that the problem of access needs to be solved for this market, access in terms of cost, availability & quality. This is the problem we as a team are looking to solve and are honored to have SOSV China join us in doing so. This is an exciting chapter in our journey, we are excited to working with them for building scalable & sustainable business through cross-border relationships,” said Shivi Singh, Co-Founder, ClearDekho.
ClearDekho was founded by Shivi Singh and Saurabh Dayal in 2016. It is budget eyewear brand. It platform uniquely blends both online & offline shopping experience to provide standardized affordable optical solution to anyone, anywhere across India.
(Image – ClearDekho)