Unilazer Ventures invests in Valyoo Technologies
Unilazer Ventures has joined IDG Ventures in investing INR530 million ($10 million) in Delhi-based Valyoo Technologies, which owns e-commerce sites LensKart, BagsKart, WatchKart and JewelKart.
According to The Economic Times, Unilazer will take a double digit stake in Valyoo for its first investment in India's e-commerce sector.
This is the second round of investment for IDG Ventures India, which committed INR220 million to the startup in October 2011. Valyoo, founded by Peeyush Bansal in 2010, has so far raised INR750 milllion.
The company's flagship website Lenskart.com contributes about 50% of revenues and claims to be among the leading online players in India's $4 billion eyewear market. Valyoo plans to use the capital to expand into smaller towns and cities, build offline franchises, design new products and strengthen the supply chains.
The Unilazer Venture Fund, set up last year with a corpus of about $100 million, focuses on early- to late-stage startups. India's $10 billion e-commerce market grew 70% last year. According to AVCJ Research, $261 million was invested in the sector last year across 44 deals.
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