Lenskart raises $ 4 million VC funding from IDG Ventures India

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Valyoo Technologies which runs eyewear e-commerce site Lenskart.com has raised $4 million in the first round of funding from IDG Ventures India. IDG Ventures India is a $150 million leading technology venture capital fund in India. As part of the investment, TC Meenakshisundaram and Venkatesh Peddi have joined Valyoo's Board of Directors as nominees of IDG Ventures India.

Already delivering to 450 cities across India, Valyoo is said to use the funds for scaling up product range, marketing activities and building superior customer centric services through phone and on-line chat. "A huge range with all sizes and colors and the ability to get them at a standard price next day at the customer's doorstep is what we are aiming to achieve. We strongly believe in an approach of educating the customers and helping them choose the right product online. Also, offline space is extremely unorganised in our product categories, where the selling price of a product is determined by the financial status of the buyer, we want to bridge this gap and create disintermediation in the market, said Peyush Bansal, Founder & CEO, Lenskart.com."

TC Meenakshisundaram, Founder & MD, IDG Ventures India Advisors, said, "IDG Ventures India helps entrepreneurs build category-leading companies in India and globally. We believe Valyoo's focus on creating category leaders in product segments that offer disintermediation opportunities by leveraging supply chain inefficiencies and bring value to the customers is a big differentiator. Valyoo's young and passionate team with deep domain knowledge and strong customer focus will give it an edge to succeed in the crowded e-commerce sector."


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