eShakti raises $2.3m in funds, eyes Australia and EU entry

Women’s fashion clothing company eShakti Pvt Ltd, which focuses on the US and Canadian markets and also runs an Indian e-commerce unit Zapelle, has raised $2.3 million in debt funding from Mumbai-based non-banking finance company BlackSoil Capital Pvt. Ltd. 

The funds will be used to expand operations and introduce new fashion products for the spring season.

The company had raised $1.34 million from investment firm Infina Finance Pvt. Ltd and financial services provider Polaris Banyan Holding Pvt. Ltd last year.

The company, which has raised a total of $15 million in equity, has identified Europe and Australia as its next focus and is eyeing around $25 million as part of its targeted Series C round, Indian media reports quoted Krishnan as saying.

Founded in 1999 by BG Krishnan, eShakti began as a website offering basic cottons and embellished pieces and moved towards made-to-measure and made-by-design mainstream fashion clothing for women. The firm, with operational presence in Chennai, Delhi, New York and Seattle, has design teams in New York, London and India.

BlackSoil Capital is an arm of asset management company BlackSoil Group. This is Blacksoil’s second investment in a women-focused brand after Chumbak, Mohinder Bansal, founding partner at BlackSoil Capital, said in a press note released by eShakti.