Corporate gifting solutions provider, eYantra, expects to receive investments upto USD7 million from a host of venture capital firms by next month, a top official said.
"Several VC firms have shown their interest to invest in eYantra and talks are on. We will be raising over USD6 to 7 million by December this year," eYantra's director, Jolly Jose told PTI here.
The amount raised will be utilised to facilitate the company's expansion to new geographies, besides developing eco-friendly products, Jose said.
The company, which is into brand merchandising and corporate gifting, had recently raised USD3.1 million, he said.
"Venture Capital firms – Argonaut and VentureEast, have invested USD3.1 million eight months back. With the next round of funding, our total fund raising for this year would be over USD10 million," Jose said.
Recently, eYantra had launched the country's first green corporate gifting initiative called ecoRus.in, which provides corporate branding and gifting solutions using innovative and eco-friendly products, he said.
These products can also be easily customised with the corporate logo.
"Presently, the corporate gifting market is pegged at Rs5,000 crore but the organised sector has a mere 5% share. However, with the new initiative, we expect to capture a significant share," Jose said.
The company had launched India’s first end-to-end e-commerce corporate gifting portal – 'www.logoprint.in.'
Prsently, eYantra manufactures T-shirts using only organic colours. The company has a 50,000 square feet customisation and distribution centre in Hyderabad.
The rest 70 categories of products are outsourced, and are mostly organic, recycled, bio-degradable and energy saver ranging from jute folders to water-clocks to solar-powered biodegradable calculators, he said.
"We expect 30% growth in this segment as corporates use gifts as an important tool to build brands and strengthen employee loyalty," Jose said.
In the current market scenario, this would also be an effective promotional tool to replace high cost advertising, he said.
eYantra is the only Indian company represented at the International Gift Council (IGC), a 50-year-old global alliance of corporate gift makers, with over 40 members across five continents.
The company has six offices – Mumbai, Delhi, Bangalore, Pune, Chennai and Hyderabad and has a total headcount of 200 employees.
The firm clocked a turnover of around Rs35 crores in FY 2009, which is expected to grow by 60% in the current fiscal, Jose said.
Comments