Update: Phani Narayanam, Founder, EYantra informs us that the company had bought back stake from Times Private Treaties last year.

Earlier (March 12, 2009): Hyderbad based merchandising and corporate gifting solution company eYantra Industries Ltd has raised $7.8 million in series B funding led by US based PE Argonaut Private Equity, reports Business Standard. The company plans to use some of the funds for three acquisitions: among them, Bangalore based Hourglass Essentials. eYantra had earlier acquired majority stake in Mumbai based loyalty and rewards management company Loylty Rewardz. We’ve contacted the company for more information.

The amount of stake sold to Argonaut has not been disclosed. eYantra had previously raised funds in October 2008: a Series A round of $3.1 million from Ventureast Proactive and Argonaut, for 18 percent stake in the company. Assuming that they have spent all of that, the burn rate is $197,750 per month. The company had said that then that it would utilize the funding to develop its consumer business at Foostor.com to make it into a B2C business. eYantra also owns a corporate gifting solutions portal called logoprint.in, which allows corporates to buy customized, company branded gifts for their employees.

In 2009 eYantra 250 employees strong and had recorded a turover of around Rs 350 million for the FY 2009. Besides Argonaut and Ventureast, Times Private BCCL also holds a minority stake eYantra.

eYantra Sells 18% Stake For $3.1 Million To Ventureast, Argonaut; To Develop Foostor.com