Chennai: Chennai-based online apparel design firm, eShakti has raised $ Three million from IDG Ventures. eShakti which was focusing only on the U.S. markets plans to expand its product line in India, with the introduction of a new brand Zapelle. eShakti.com had raised angel funding from Indigo Monsoon Group in the past.
B.G Krishnan, founder and CEO, eShakti.com said that the company plans to add accessories to its already existing product line, to scale its operations, add new product lines, and cater to Indian customers, with the funds.
T.C. Meenakshisundaram, Managing Director, IDG Ventures India, who would be on the eShakti’s board, said that the ability shown by eShakti in difficult and competitive markets like the U.S. is what had been a comforting factor for them, and they feel that eShakti’s uniqueness would give them a competitive advantage.
IDG Ventures, a division of International Data Group, is an early-stage venture capital firm, which invests in technology and technology-enabled companies. IDG Ventures manages over $3.7 billion, and has over 10 offices across Asia and the U.S.
The Indigo Monsoon Group (IMG), is an investment firm, which focuses on early stage Internet, Mobile and Technology Startups, either located in India, or targeting Indians.