Valyoo Technologies Pvt Ltd, the Delhi NCR based parent company of online e-tailers Jewelskart.com, Watchkart.com, Bagskart.com and Lenskart.com has recently completed its Series B round of funding worth USD 10 million. Unilazer Ventures, promoted by UTV founder-chairman Ronnie Screwvala, and IDG Ventures India (existing investors) were part of the funding process.
This second round of funding will be used for expansion, strengthening of the supply chain, and product design and development based on feedback regarding customer preferences. Peyush Bansal, CEO says, “All four categories are important for us and a lot can still be done in the accessories space.”
Through the raised investment Valyoo will be trying to understand their category better and what factors help build business sustainably, but will also specifically look at what makes consumers buy or not buy these products online and what makes people choose their sites in particular. “Building a brand is very critical. Investors and VC’s today are looking at good fundamentals in a company. They are interested in the categories but their concern is about the scalability of the companies.” – commented, Peyush Bansal.
Valyoo Technologies, founded in 2010, is a wholesaler of luxury fashion accessories by being a core technology company engaged in developing & maintaining website platforms. It had previously obtained USD 4 million worth of funding in October 2011.