US-based eShakti eyes third funding round for further growth

US-based eShakti, started by BG Krishnan as platform offering lifestyle products to NRIs is now fully focusing on clothing since its tunics and pants are getting a lot of attention from American customers as well. After raising around Rs 90 crores through earlier funding rounds, the company is looking at a third round of institutional capital in the first quarter of the next financial year to raise over 20 million dollars (over Rs 125 crores) to scale up its business.

The company had earlier raised funds through IvyCap, IDG Ventures in the second funding round. Apart from expanding oprations, the company, which makes custom-designed clothing for women in the US, also plans to utilise the money for talent acquisition as well as to improve technology. Founded by Krishnan in 2001, eShakti transformed its business model six years ago to produce and retail customised apparel for women. eShakti has customers across 10,000 cities in the US with design teams based both in the US and India.

The platform offer smart casuals, which are both off-the-shelf and customised outfits and competes with the best brands in the US. Customised clothing is the USP of eShakti since a garment is designed using software tools based on the measurement provided.