Series B Funding: IvyCap Ventures, IDG Ventures India invest in eShakti

India Infoline News Service | Mumbai | September 12, 2014 09:03 IST, the online retail brand for women’s fashion providing customized clothing, has raised Series B funds from lead investor IvyCap Ventures and existing investor IDG Ventures India.
Speaking on the occasion of the announcement, B.G.Krishnan, Founder and CEO of eShakti said “eShakti is the #1 mainstream fashion brand in the USA offering 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.
“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 and customer delight to grow another 10x over the next 3-4 years to create a valuable global brand franchise from India”  said 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.”