Currently operating on the ‘4 sites 1 cart’ model for shopping, Valyoo technologies is reportedly selling three of its ventures viz. Jewelskart.com, Watchkart.com and Bagskart.com. As said, the step has been taken to increase the firm’s focus on its another venture, LensKart.com.
LensKart does on an average, 1,000 transactions a day, with the average value of each transaction ranging between Rs 1,100 and Rs 1,200. According to Peyush Bansal, cofounder of Valyoo Technologies, LensKart revenue is expected to reach INR 100 crore by fiscal 2015. “Our goal is not to be the number one bags player. It is to be the number one eye-wear player in India,” said Peyush.
The New Delhi based company, founded by Peyush Bansal and Amit Chaudhary in 2010, is known for its online portal selling fashion accessories. In early 2013, it raised a capital of USD 10 Mn in series A Funding from IDG and Unilazer Ventures.
The eCommerce market at present has major players like Myntra and Jabong in the fashion category. As told by Raja Lahiri, partner of transaction advisory services at Grant Thornton to ET, “If a horizontal ecommerce player, which does not have a presence in these categories, does come along, it would make sense for them (Valyoo Technologies) to sell at the right price” .
This clearly indicates the level of competition relatively smaller online retailers are facing at the moment with the entry of players like Flipkart in the multi-category commerce. The recent Merger of Flipkart and Myntra also depicts the same. Although the categories like jewellery and handbags are growing, but in words of Peyush, “For us to sell watches and bags is very, very different from running LensKart. This is something which we have to innovate and build”.