eYantra Industries, a Hyderabad-based corporate gifts and brand merchandising company, is set to dilute 15-18 per cent of its equity stake to two Mauritius-based venture capital firms to raise an undisclosed amount in Series A funding. Media house Bennett, Coleman & Company (BCCL) acquired a minority stake in eYantra last June.
The equity dilution could be extendible to 25 per cent to one of the two VC companies (which have a combined committed capital in excess of $2 billion,) to obtain further financing through a Series B round. The company would utilise the funds to support its expansion plans.
The expansion plan involves setting up an apparel manufacturing facility in the Apparel Park at Gundlapochampally on Hyderabad's outskirts at an investment of Rs 3.5crore, initiating a brand-building exercise for customer acquisition, besides going in for geographical diversification.
The seven-year-old company reported revenues of Rs 25 crore last year with its intranet-based customised online brand stores eTail contributing Rs 8 crore and corporate retail division cTail Rs 16 crore. The company expects revenues to touch Rs 60 crore this financial year.
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