Delhi-based e-commerce venture Valyoo Technologies has raised Rs 53 Crore investment from the Ronnie Screwvala-promoted Unilazer Ventures and existing investor IDG Ventures India, reports The Financial Express.
Confirming this investment to Medianama, Valyoo Technologies CEO Peyush Bansal informed that they plan to use this capital to strengthen the company’s supply chain, for consumer research and to understand their product better.
Valyoo had previously raised $4 million from IDG Ventures in October 2011. The company was also looking to raise around $20 million in February or March 2012, and had plans to launch new verticals focused on jewelry, health and beauty products. However, it apparently dropped this plan to focus on its existing verticals in September 2012, as indicated by a TechCircle report.
Founded in 2010, Valyoo began its e-commerce journey with Flyrr.com, a site targeting the US market with optical products, and a classifieds site SearchMyCampus (now defunct). Its not clear if Flyrr continues to be a part of the company. While the website is live at the time of writing this article, there is no mention of Flyrr on the official Valyoo website. The company currrently focuses on vertical specific businesses and has LensKart (optical products), WatchKart (Watches), JewelsKart (Jewelry) and BagsKart (Bags) as its e-commerce sites.
Unilazer’s other investments
In December 2012, Catalog Educational Services Pvt Ltd. operated MeraCareerGuide.com had raised undisclosed amount of funding from Ronnie Screwvala and Indiagames founder Vishal Gondal. Prior to this, Joule Consulting Pvt Ltd which operates the employment marketplace, OnContract.com had also raised undisclosed amount in a funding from Ronnie Screwvala’s Unilazer Ventures and Vishal Gondal’s FACT in July 2012.
In June 2012, online eyewear retailer Lenskart.com had launched a month long offline initiative at Select Citywalk, New Delhi, to offer a personalized one-to-one service to its consumers and enabling them to shop across various eyewear brands like Fastrack, IDEE and Vintage among others while one of its competitors, the eyewear retail chain GKB Opticals Group had launched its online retail arm GKBoptical.com in January 2012.
On the other hand, Jewelskart competes with JewelsNext.com, CaratLane.com, 21Diamonds.in, Juvalia & You, and offline brands which offer online purchase of jewelry like Gitanjalishop.com, Tata Group’s Tanishq, Josco Jewellers, and Abharan Jewellers among others. Update: It looks like Bhima Jewellers has stopped offering online purchase of jewelry and currently allows customers to buy only gold saving schemes and gift vouchers. (Thanks for pointing it @lijoisac)
Essentially, the company’s vertical specific sites competes with several e-ecommerce sites that offer similar products including Myntra.com, Flipkart and Jabong among others.