Ronnie Screwvala fund invests Rs 53 cr in e-commerce portal

Unilazer Ventures said on 7 February it along with IDG Ventures India, has invested Rs 53 crore in Valyoo Technologies, which sells fashion accessories online, for an undisclosed stake.

The e-commerce-focused Valyoo operates through websites such as LensKart, WatchKart, BagsKart and JewelsKart and had earlier received USD 4 million infusion from IDG in October 2011, Ronnie Screwvala-promoted Unilazer said in a statement.

Amit Banka, MD, Unilazer, Said, "Eyecare and eyewear is a growing unbranded market which Valyoo strives to convert and capture, coupled with fast- selling premium and mass offerings in bags, jewellery and watches.”

Without divulging its current turnover, Valyoo Founder and Chief Executive Peeyush Bansal said it is targeting to become a Rs 500-crore company in the next two-three years.

Unilazer was launched after Screwvala, an entertainment entrepreneur, sold his stake in Walt Disney for an estimated over Rs 800 crore earlier this year. It already has investments in agriculture, health-care, insurance and education sectors.

Source: http://cablequest.org/news/technology-news/item/836-ronnie-screwvala-fund-invests-rs-53-cr-in-e-commerce-portal.html
Source: http://cablequest.org/news/technology-news/item/836-ronnie-screwvala-fund-invests-rs-53-cr-in-e-commerce-portal.html