wordpress blog stats
Connect with us

Hi, what are you looking for?

Updated: Valyoo Technologies Raises Rs 53 Crore From Unilazer Ventures & IDG Ventures India

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.

Advertisement. Scroll to continue reading.

Other Players

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.comCaratLane.com,  21Diamonds.inJuvalia & You, and offline brands which offer online purchase of jewelry like Gitanjalishop.com, Tata Group’s TanishqJosco 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.

Advertisement. Scroll to continue reading.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ