Date:10/10/11,
Venture Capital,
Cross Border Deal,
eShakti.com Pvt Ltd, a Chennai based online fashion retailer, receives series A venture financing of $3 million from IDG Ventures for undisclosed minority stake. The funds will be used to scale up operations, add new product lines and cater to Indian customers as well. The company may look at yet another round of fund-raising next year.
Presently, eShakti exports custom made desinger clothes to US and is in the process of launching the firm's Indian brand Zapelle. The company will add accessories including belts, bags and jewellery to it's product line in the next six months.
In the past, eShakti.com has raised angel funding from Indigo Monsoon Group. The Indigo Monsoon Group is an investment firm that focuses on early stage internet, mobile and technology start-ups either located in India or targeting Indians.
IDG Ventures is a division of US-based International Data Group Inc.(IDG). In 2006, IDG Ventures had set up its first India-based fund of $150 million and has plans to raise another $150-200 million for investments in tech start-ups in India.
Presently, eShakti exports custom made desinger clothes to US and is in the process of launching the firm's Indian brand Zapelle. The company will add accessories including belts, bags and jewellery to it's product line in the next six months.
In the past, eShakti.com has raised angel funding from Indigo Monsoon Group. The Indigo Monsoon Group is an investment firm that focuses on early stage internet, mobile and technology start-ups either located in India or targeting Indians.
IDG Ventures is a division of US-based International Data Group Inc.(IDG). In 2006, IDG Ventures had set up its first India-based fund of $150 million and has plans to raise another $150-200 million for investments in tech start-ups in India.
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