Stealth Moves by Valyoo: To Reportedly Raise USD 21M; Shuts Down BagsKart, JewelsKart and WatchKart

girlValyoo Technologies, the parent company behind niche e-commerce portal Lenskart is going to raise around USD 21 million (INR 135 crores) from a group of investors led by San Francisco based TPG Growth Group.

In a report by the Economic Times, a number of sources familiar with the development claim that after the deal is closed the firm would be valued at USD 100 million. The company is currently valued at USD 80 million.

Delhi based Valyoo Technologies was found in 2010 and operated multiple specialised e-commerce portals – Lenskart, Bagskart, Jewelskart and Watchkart, their names suggest their focus areas. However now it appears that the company has shut down all its portals but Lenskart. On attempting to reach the other three portals, the user gets redirected to Lenskart homepage.

Also Read: Valyoo Technologies to Sell, and

While the company had been operating a 4 portals one cart model earlier, in February 2014 the company was reported to be selling off these portals it has now closed down. It had raised USD 10 million in Series B funding in 2013 and this fresh round would be the first funding since then.

In a statement, CEO and Co-Founder, Valyoo Technologies, Peyush Bansal said that LensKart revenue is expected to reach INR 100 crore by fiscal 2015. While no further updates were given on this, it is safe to assume that due to less visible competition this particular portal did better than its siblings.

  • Vikas Modi

    Lot of investors believe that their is no direct E-Commerce play available in listed space. I am going to suggest a mini flipkart in listed space. Please do your own analysis on it . It is nothing but Intrasoft technologies which is not just 123Greetings but it has Online shopping portal 123stores dot com in USA which is growing it’s topline quite fast. Recently , 123Stores reported record sales over the long holiday weekend in USA from Thanksgiving Day through Cyber Monday of over $2 million, a 243% percent increase over last year . Venture Capitalist, Intel Capital has silently invested around 12% in Intrasoft technologies (check annual report 2014) and they are guiding company and very bullish on 123stores dot com . They have good expansion plan . They are going start in Canada then they can consider India . There are 4 triggers for this counter .

    1. Masses still consider Intrasoft technologies as only 123Greetings dot com , once they will aware about 123stores dot com . It will get start good valuations . Early, long term investor are going to make good money . Even Basntji ( Maheshwari) told in Jan-1st interview on zee business that there is not direct E-Commerce play in listed space . He may or may not invest in it for other criteria but point is even he is also not aware about any direct e-commerce play in listed space.

    2. Expert are expecting listing of some E-Commerce companies in 2015 that will give another trigger

    3. Like Intel if some other VC invest in Intrasoft technologies in 2015 that will also bring positive trigger .

    4. Launch of 123stores dot com in Canada and India . But , management has indicated they first want to achieve targeted economical scale in USA Online shopping portal then will start replicating else where specially India.

  • onlinewale

    Stupid people … closed the firm would be valued at USD 100 billion. The company is currently valued at USD 80 million.

    What 100 billion

    Don’t copy and paste…