eYantra, a Hyderabad based online retailing and merchandising vendor has sold around 18 percent stake for $3.1 Million in funding to Ventureast and Argonaut.
Ranjith Boyanapalli, Head of Strategic Business Units (eTail) for eYantra told MediaNama that the company had revenues of Rs. 25 crores, and has a target of around $10 million (around 42-44 crores) for this fiscal. BCCL (Times of India Group), continues to remain a shareholder of eYantra, and hasn’t exited. eYantra essentially has 3 lines of business:
eTail: they create company specific branded sites – like this one for HCL – where employees can purchase merchandise at special rates
Bulk merchandising: they create branded T-shirts, caps etc for corp in bulk
Physical outlets: they company merchandise outlets within the premises of the company
To Develop Consumer Business At Foostor.com
Boyanapalli says that a substantial amount of the funding will be invested into Foostor.com, which will be developed as a B2C business. The 30 odd company stores that they operate are accessible to the employees of those specific companies, but this way, eYantra has a captive audience, and gets bulk deals from vendors (like Nokia). They intend to offer consumers the same special deals that are currently being offered to consumers at the company specific sites. They also intend to integrate a behavioural targeting system for the products they have, using customer analytics.
eYantra has offices in 6 cities – Delhi, Mumbai, Bangalore, Chennai, Pune and Hyderabad. They’ve also opened an office in Connecticut to cater to employees of their clients there, as well as offer merchandising solutions to companies in the US. Boyanapalli estimates that the merchandising market in India is at around Rs. 6000 crores and mostly unorganized. Corporate merchandising accounts for a majority of this business.
(Updates: eYantra targets updated to 42-44 crores, due to dollar rate changes)