eYantra Raises $7.8mn – To Acquire 3 Companies, Expand into Office Supplies

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Corporate Gifting and Brand Merchandising firm, eYantra has raised $7.8mn in second round, led by Argonaut Private Equity.

This Series B funding also saw Chennai-based Ventureeast Proactive maintaining its pro-rata investment, which was $2.1 million (Rs 9.5 crore) in March 2008 and $1 million (Rs 4.54 crore) in September 2008, into eYantra. [source]

The company plans three acquisitions in the coming days [Bangalore based Hourglass Essentials which is going to be an all-cash deal;Chennai-based online product customisation company and a New Delhi-based basic office supplier] and will expand into several other businesses like office supplies.

An interesting growth strategy – from corporate gifting to providing ‘staple’ solution like office supplies.

If you look at several companies that started in this business, only few have survived the recession. Infact, most of the online consumer service hasn’t taken off in a big way – and what has worked is tie-up with retail chains like Shoppers stop/Lifestyle etc.