IvyCap, IDG invest in Indian online apparel retailer eShakti

Chennai- and US-based eShakti was founded in 1999. It began as an online platform offering basic cottons and modestly embellished clothes, but now it positions itself as a design company that focuses on made-to-measure and made-by-design fashion clothing for women.

"eShakti has built capability in delivering highly customized apparel at competitive prices by using a blend of technology, design and manufacturing process optimization, which we believe is unparalleled," said Vikram Gupta, founder and managing partner of IvyCap, in a statement.

The company plans to use funding to scale up operations in the US, hire talent and improve technology.

IDGVI had reportedly invested around $3 million in eShakti in 2011, and later put in additional $1 million. "eShakti has grown nearly 10x in the past three years since Series A investment by IDGVI and is poised to build on its leadership position, innovation in technology, customer delight to grow another 10x over the next 3-4 years to create a valuable global brand franchise from India," said Mr. T.C. Meenakshisundaram, the VC firm's managing director.

Mumbai-based IvyCap invests in startups and growth-stage companies across sectors including technology, education, energy, healthcare and agriculture. Its recent investments include Reuters Market Light, Aujas Networks, FieldEz, Vinculum and Leixir.

In May, Bangalore-based fashion portal Myntra Designs was acquired by Indian e-commerce giant Flipkart in a $300 million deal. Myntra's main rival Jabong has recently emerged into a global fashion e-commerce platform - Global Fashion Group (GFG) - created by German start-up incubator Rocket Internet.

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• Topics
• South Asia
• Venture
• India
• e-commerce
• Consumer
• IDG Ventures
• Venture
• TMT