Valyoo Technologies growing leaps and bounds, yes the technology startup has number of verticals focused on certain sectors. The e-commerce company owns various online verticals like Lenskart.com, Bagskart.com, Watchkart.com and Jewelkart.com catering to different sector of market.
The New Delhi based company was founded in 2010 by Peyush Bansal and Amit Chaudhury. The company is betting high on Lenskart.com which caters eye-wear like lenses, contributes 50% of its total revenue. They have interesting strategy of getting customers. For example: they offer free frames for the lens purchased from them.
Lenskart has more than 2,000 designs of eyeglasses, contact lens and sunglasses. Lenskart is the first website to offer contact lenses and spectacles online on a mass scale. On an average, Lenskart is witnessing more than 1,000 transactions a day with an average of above Rs.1, 000 to 1,200 range.
On the other hand, Bagskart.com sells all types of bags ranging from handbags, backpacks, wallets, travel gear and luggage. Watchkart.com offers some unique watch designs which are manufactured by Swiss watch makers. It has more than 70 brands in their kitty. Jewelkart.com offers made in gold, silver and other precious metals with diamonds. Ornaments ranging from golden chains, rings, nose pins, diamond pendants etc are available. In fact Jewelkart.com is the one early website started to sell jewels online.
More than 50% of the products available in Valyoo Technologies are private labels. Each product in each vertical are thoroughly researched with content equals to the experience bought in standalone stores.
Valyoo Technologies may face tough competition from leading eye care manufactures like Titan’s Fastrack, IDEE, Reliance’s Vision Express, Vintage and old eye care dealers like GKB have launched online website to cater the customers.
Even there other website Jewelskart.com has to compete with CaratLane.com, Titan’s Tanishq and Gitanjalishop.com. Watchkart.com is competing with Fastrack, Flipkart and Amazon.
Valyoo Technologies planning to hive off their online platforms like Jewelskart.com, Watchkart.com and Bagscart.com. They want concentrate on Lenskart.com which is their flagship online platform, due to better margin in the sector.
The company has received several rounds of funding till now. In Oct 2011, the company raised $4 million from IDG ventures. Subsequently in Feb 2013, Valyoo Technologies received Series ‘A’ funding from Unilazer Ventures and IDG Ventures India for $10 million. They received Series ‘B’ funding from same partners with an identical sum.
Valyoo Technologies received private equity investment of Rs. 135 crores from TPG Growth, a group which has funded many startups in medical and surgical world. Startups like Sutures and containers manufacturing startup Flexituff. Valuation of Valyoo Technologies will shoot up $100 million after private equity investment.
Bulk of these investments will be channeled towards Lenskart.com, eyewear and eyeglasses niche segment and company want to concentrate on it. The company want to consolidate its hold on the eye wear sector, although level of competition is less and sector gives decent margins.