Unilazer Ventures has chosen to step into the world of e-Commerce sector by investing in multi-portal lifestyle products e-tailer Valyoo Technologies. Along with earlier investor IDG Ventures, the duo has put in a total of Rs. 53 Crores (@ US$ 10 Million). The funds are expected to fetch a double digit stake for Unilazer in Valyoo. The company operates specific vertical niche products websites namely: LensKart, BagsKart, WatchKart and JewelsKart.
Built up last year, the Unilazer Venture Fund has a total monetary strength of US$ 100 Million & according to the company, will finance startups in their early stages. As for Valyoo, the fund managers regard the line of business to be very nascent & promising, said Amit Banka, MD Unilazer Ventures “Eye care and eye wear is a massive and growing unbranded market which Valyoo strives to convert and capture”.
Despite the perception of a relatively disrupted product niche, Valyoo’s business acumen has enabled it to garner significant traction, “We have grown over 20 times in turnover during last 12 months,” confirmed Valyoo Technologies, founder Peeyush Bansal.
With a total of Rs. 75 Crores (US$ 14 Million) worth of funding backing the venture, it may now be the right time to scale up the operations & bring in additional features. Which is precisely what the company is planning on doing, “We will also strengthen our supply chain and invest in marketing” he added.
Coincidentally, Valyoo’s Lenskart alone, contributes more than 50% of the total revenue for the company. India’s eye-wear market is currently valued at US$ 4 Billion & hence it makes perfect sense to launch websites which cater specifically to such needs. Valyoo has proven its worth in the Indian e-commerce segment. Hence there’s no doubt Unilazer’s investment is in right hands. Let’s see how well it grows this year.
Image Courtesy | cbc.ca