Valyoo 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.
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.