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Valyoo Technologies Raises $4M From IDG Ventures; Flyrr?

Valyoo Technologies, a Delhi based e-commerce venture, has raised $4 million from IDG Ventures, reports Livemint. Valyoo is now primarily an e-commerce company – among several in India – but focuses on vertical specific sites: its website lists LensKart, WatchKart and BagsKart as its e-commerce sites, but what it doesn’t say is that its e-commerce journey began with Flyrr.com, a site targeting the US market with shades, and a classifieds site which MediaNama used a few years ago called SearchMyCampus, which appears to be defunct. The company also did website development and provided SEO services before launching Flyrr. We’ve written to Valyoo CEO Peyush Bansal for a clarification on whether Flyrr remains part of the company.

What’s particularly interesting about the approach is that Valyoo has taken a vertical specific approach, as opposed to choosing to launch a single site and grow horizontally, the way Flipkart and Infibeam have done. That said, their sites do have a tab for their other properties, and it plans to launch more verticals – Bansal tells Mint that the company plans to raise around $20 million in February or March 2012, and plans to launch new businesses focused on jewelry, health and beauty products. It claims to get 100 orders a day, with an average ticket size of Rs 1800-2000.

In a statement released by IDG Ventures, Bansal says that the “offline space is extremely unorganised in our product categories, where the selling price of a product is determined by the financial status of the buyer, we want to bridge this gap and create disintermediation in the market”. The statement also mentions that Valyoo will use the funds for scaling up product range, marketing activities and building superior customer centric services through phone and on-line chat. The company has about 50 employees, and is looking to grow that “many-fold” in the next six months.

More when we have it.

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