According to reports from VCCircle, Chennai-based eShakti Pvt. Ltd, operator of an online women’s apparel retailer, has raised fresh funding from two investors. It has raised Rs 9 crore ($1.34 million) through a preferential allotment of shares.
The funding round was led by Infina Finance Pvt. Ltd and financial services provider Polaris Banyan Holding Pvt. Ltd also participated in this round, the people familiar with the development said.
eShakti targets US and Canda and operates an Indian e-commerce unit under Zapelle. It now focuses on made-to-measure and made-by-design mainstream fashion clothing for women. It does not stock any sizes, and each style is cut to order.
Founded in 1999 by BG Krishnan,. It began as a website offering basic cottons and embellished pieces. The firm’s design teams are based in New York, London and India. The clothing is made in India in its own factories and other local factories.
Operationally, it is present in Delhi and Chennai, and its subsidiary has an office in New York and a customer service facility near Seattle.
Experts said the the fashion e-tailing market is likely to account for 35% of total online spending in India by 2020 and become the largest category ahead of consumer electronics.
The fashion e-commerce market in India is flooded with startups, who have recentky raised and consolidated further expanding its footprints. Voonik, Yufta, StyleTag, Wooplr, Cloutloot and StalkBuyLove are among them.
Voonik has been on a consolidation spree as it has already acqui-hired Zohraa in June, Styl, and Picksilk.
