eYantra acquires Privilege Corner

Hyderabad-based corporate gifts and brand merchandising company eYantra Industries Limited has acquired New Delhi-based Privilege Corner, which is into corporate group-buying, rewards and recognition space, for $1 million (approximately Rs 5.1 crore) to further strengthen its presence in the B2B2C (business to business to consumer) segment.

eYantra Industries funded the deal from the $7.8 million (Rs 40 crore now) that it had raised in a Series-B funding led by Argonaut Private Equity for sealing a few acquisition deals, which would broadbase its presence in the corporate merchandising sector besides enabling it to diversity into online product customisation.

“Besides bringing to our table its employee benefit concept platform ‘Privilege Club’, Privilege Corner is bringing into our fold its 6-7 large corporate clients like Airtel and Mahindra Satyam. We have to study and see how eYantra can align those clients and take it forward,” eYantra Industries’ managing director Phani N Raj, told Business Standard.

Privilege Corner, floated in May 2010, is currently reaching out to about 100,000 employees, both directly and indirectly, specifically in new-economy companies like telecom and information technology, according to Anshul Gupta, founder and chief executive of Privilege Corner.

eYantra, which reported revenues of Rs 50 crore last year, currently has 1,000 large clients.

Raj said the company’s idea was to tap the Top-10 clients of eYantra and implement Privilege Club solutions.