The Jaipuria Group has acquired ClearDekho, an eyewear brand. The Jaipuria Group will now be in complete control of ClearDekho, even though the company will still function as an independent brand.
According to a press release, all current shareholders will leave ClearDekho within two years as the Jaipuria Group takes a 100% stake in the company. As ClearDekho develops, it might be incorporated into the parent company of the Jaipuria Group.
However, the deal size was not disclosed by the company.
Shivi Singh founded ClearDekho in 2017 with the goal of offering reasonably priced eyewear options. With a combination of franchise-owned, company-operated (FOCO) stores and branded online sales, it functions as a retail chain both online and offline. By providing reasonably priced eyeglasses to low-income customers in smaller Indian towns and cities, it seeks to fill a market gap. The company sells a range of eyewear items, such as contact lenses, reading glasses, sunglasses, and prescription eyeglasses.
Within the next three years, ClearDekho wants to grow its business and reach a topline revenue of Rs 300 crore. Within five to seven years, the long-term goal is to acquire at least 10% of the Indian eyewear market.
In FY24, it reported revenue of Rs 12.8 crore and losses of Rs 7.13 crore.
With a gross margin of over 65% and more than 100 stores spread across more than 50 cities, ClearDekho claims to have tripled its size in the last three years. The company claims that its hyperlocal presence and tech-enabled, omnichannel strategy have assisted in closing the accessibility gap in the optical retail market.
