Word sense induction (WSI) seeks to induce senses of words from unannotated corpora. In this paper, we address the WSI task for the Croatian language. We adopt the word clustering approach based on co-occurrence graphs, in which senses are taken to correspond to strongly inter-connected components of co-occurring words. We experiment with a number of graph construction techniques and clustering algorithms, and evaluate the sense inventories both as a clustering problem and extrinsically on a word sense disambiguation (WSD) task. In the cluster-based evaluation, Chinese Whispers algorithm outperformed Markov Clustering, yielding a normalized mutual information score of 64.3. In contrast, in WSD evaluation Markov Clustering performed better, yielding an accuracy of about 75%. We are making available two induced sense inventories of 10,000 most frequent Croatian words: one coarse-grained and one fine-grained inventory, both obtained using the Markov Clustering algorithm.