Chennai-based women’s fashion brand eShakti recently said it has raised ₹75 crore from Paragon Partners Growth Fund-I, a private equity fund focused on mid-market segments founded by Siddharth Parekh and Sumeet Nindrajog in 2015. The investment is needed for growth as eShakti is building a multinational brand with a global footprint, said founder BG Krishnan.

Paragon Partners invests primarily in consumer discretionary, financial services, infrastructure services (asset light), industrials and healthcare services. It has a corpus of $120 million and invests $10-20 million in firms, according to a report in an Indian newspaper.

So far eShakti has raised capital from venture capital investors, including IDG Ventures, IvyCap and Infina Finance. This is Paragon Partners sixth investment from its maiden fund.

Founded in 1999, 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. (DS)

Fibre2Fashion News Desk – India

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