Valyoo Technologies Receives Growth Equity Investment from Unilazer Ventures and IDG Ventures
Signal Hill India is pleased to announce that our client, Valyoo Technologies Pvt. Ltd., has received a Series B venture funding from Unilazer Ventures & IDG Ventures.
The investment was led by Unilazer Ventures, a venture capital firm founded by Indian Media entrepreneur Ronnie Screwvala after he sold the company he founded, UTV, to Walt Disney; IDG Ventures India, the Series A investors in Valyoo, also participated in the Series B round.
Valyoo Technologies is a niche eCommerce player focusing on eyewear and accessories. Valyoo owns four vertical sites, LensKart, WatchKart, BagsKart and JewelsKart. Founded by IIM-B graduate Peyush Bansal in 2010, the company started with eyewear portal Lenskart and subsequently moved into other niche accessories categories. IDG Ventures invested $4 million in the company in October 2011; since then Valyoo has grown over 20 times in sales during the last 12 months.
The funding will help Valyoo continue its high-growth trajectory, build scale, enhance its market reach and strengthen its supply chain. Other planned areas of growth include: building offline franchises and enhancing market reach to smaller towns and cities.