Paragon Partners, on Tuesday, announced that it has invested Rs 75 crore in eShakti, a women's fashion brand that is based in Chennai.
Founded by B G Krishnan, eShakti is one of the few international consumer brands from India that enjoy a leadership position in the US. It also has presence in Australia and Canada.
With its design office located in New York, eShakti claims to operate an asset-light model with a strong technology backend, and robust systems that closely track each order to ensure high quality.
In the past, the company has raised capital from marquee investors including IDG Ventures, IvyCap and Infina Finance.
Siddharth Parekh, Co-Founder and Senior Partner, Paragon Partners, said “eShakti is one of the early movers in addressing an under-served need for made-to-order apparel for women in the Western markets. With its disruptive operating model combined with superior quality of design, fabric and speed of execution, eShakti has been able to build a strong and growing community of loyal customers in the US.”
Sumeet Nindrajog, Co-Founder and Senior Partner, Paragon Partners, added, “We are thrilled with our partnership with eShakti. Given its lean operating model and strong technology backend, eShakti can ramp up operations and scale quickly. Despite customised offerings, eShakti’s return rates are relatively low, further validating the robustness of the design and production processes. We look forward to working with the eShakti team.”
Krishnan, Founder and CEO, eShakti, said “The investment from Paragon Partners is primarily needed for growth as we are building a multinational consumer brand with a global footprint. We are excited by the endorsement and opportunity that Paragon's investment represents and we look forward to building on our history of strong growth based on a robust value proposition that gives us both scalability and a competitive advantage.