Update: eYantra Founder Phani N informs MediaNama that the company has exited Loylty Rewardz “at more than 2.5X in less than 2 years of investment”. It did not accquire Hour Glass essentials and is not making a bid to acquire it.
Earlier today: EYantra, a corporate gifting and brand merchandising company, which owns a consumer business portal Foostor.com and corporate gifting solutions portal logoprint.in, has picked up a stake in IGC Global Promotions NV for an undisclosed amount, reports The Hind Business Line. What’s interesting about this deal is that IGC Global Promotions is founded by 50 companies and all of whom have an equity stake in it. It then serves as a consolidated sales organization, aggregating sellers and providing transparency in the supply chain to buyers.
Signing up could give eYantra the opportunity to sell to an international buyer-base, especially multi-national organizations with stringent ethical norms for child labor, and potentially, trades in large volumes. The Businessline report, however, suggests that eYantra could look at this investment for sourcing for Indian clients, which means it could get access to inventory from 47 countries. A lot depends on how the consortium works, though.
Last Year Eyantra had raised $7.8 million in series B funding led by US based PE Argonaut Private Equity. Other investors include Times Private Treaties and Ventureast. The company intended to buy out Loyalty Rewardz and Hourglass Essentials. Although, while there are reports suggesting that the company has acquired Hourglass Essentials, we do not know whether EYantra acquired Loylty Rewardz. (please check the update above)