NEW YORK, Sept. 10, 2014 /PRNewswire/ -- eShakti.com, the online retail brand for women's fashion providing customized clothing, has raised Series B funds from IvyCap Ventures. Existing investor IDG Ventures India has also invested in this round.
Speaking on the occasion of the announcement, Mr. B.G.Krishnan, Founder and CEO of eShakti said, "eShakti is the #1 fashion brand to offer custom-clothes, which are customized for height, size and even style.
"eShakti has quickly become a community of women from all over the United States who truly believe that they've uncovered something exceptional. Given height and size differences across the population, there is a big need in women's fashion for clothes that fit and fall well. eShakti is planning to use the funds to accelerate its growth to meet this demand.
"eShakti has been covered regularly by leading fashion publications like Vogue, Glamour, Oprah's magazine and The Wall Street Journal.
"We have a wonderful, global team already, and we intend to add talent at all levels in the coming months to support our growth plans."
"We strongly believe that customization at scale is a powerful trend, not only in apparel but, across a range of businesses and has the potential to disrupt otherwise established business models. 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. We are excited to partner with eShakti, as it moves aggressively into its next stage of growth," said Vikram Gupta, Founder and Managing Partner of IvyCap Ventures. "In addition, we are also looking forward to adding significant value to eShakti through our network of relationships."
"eShakti has grown nearly 10x in the past 3 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, MD, IDG Ventures India.
"eShakti is one of the fastest growing apparel companies serving the discerning North American consumer, offering her an enjoyable, personal and empowering shopping experience," said Param Parameswaran, Chairman of the company, whose investment firm was an early investor in eShakti. He added, "Customers frequently share their purchases with their friends and blog enthusiastically about their satisfying shopping experience."
eShakti embodies the innovation that is possible on the Internet, focusing specifically on made-to-measure and made-by-design ashion clothing for women of all shapes and sizes. It is a national brand with customers across over 10,000 towns and cities in the USA.
IvyCap Ventures is a venture capital fund anchored by the Alumni Trust, and leveraging the network of IITians across the globe to create value in its portfolio companies. It invests in start-ups and growth stage companies across sectors including technology, education, energy, healthcare and agriculture. The Fund has a unique philosophy to give back part of its profits to the leading educational institutions, an approach that strengthens its alumni networks further. Recent investment of IvyCap Ventures include Reuters Market Light, Aujas Networks, FieldEz, Vinculum and Leixir.
IDG Ventures India is a leading technology venture capital fund in India. The fund is part of IDG Ventures, a global network of technology venture funds with over $3.6 billion under management with over 220 investee companies and 10 offices across Asia and North America. By combining the IDG platform — an unparalleled combination of global publishing, market research (IDC), and conferences and exhibition resources — with years of hands-on experience in early-stage company building, IDG Ventures India helps its investee companies understand their markets better and achieve leadership position ahead of competition. The IDG Ventures India portfolio companies include, eShakti, Forus Health, Flipkart/Myntra, iCreate, iProf, Systems, Myntra, Ozone Media, Perfint, Sourcebits, Vserv, and Zivame., Newgen, Unbxd, FieldEZ, Heckyl, Peelworks amongst others.
Note: Vogue, Glamour, Wall Street Journal and Oprah's magazine are registered copyrights of the respective publications.