India’s newest ecommerce innovation has successfully secured its first round of financing.
LuxeYard India, a joint venture partnership between US-based LuxeYard (a members-only, flash retail site selling niche products such as home decor, furnishings and fashion items) and Indian entrepreneur Sashi Chimala, has entered into a funding agreement with Regard Venture Solutions.
The funds, whose amount was not disclosed, will be used to launch operations in India.
‘Curated luxury living and style products’ from India will be offered on the new website alongside imported items from the US.
“We have reached a critical milestone for LuxeYard’s successful entry into India,” said Sashi Chimala, head of LuxeYard India.
“Not only will this expansion provide global access to a luxury lifestyle Indians want, it will also satisfy an international demand for curated Indian luxury products. Our agreement with Regard Venture Solutions will give us the momentum we need to fill this highly profitable vacuum in India’s e-commerce marketplace.”
Regard Venture Solutions offers expert ‘seed’ stage human capital for new ventures.
LuxeYard will be launched in India in late August or early September.