Hyderabad-based brand merchandising and corporate gifting firm eYantra Industries Ltd has acquired Privilege Corner, a Delhi-based corporate rewards and recognition company, for an undisclosed amount. The deal for the Delhi-based company is a 100 per cent buyout cash deal. With this acquisition, Phani N Raj, founder and CEO of eYantra, and Mayank Gupta, director of the company, are joining the board Privilege Corner. However, the entity and the brand name of Privilege will be retained.
Raj has also said that eYantra is in talks with a US-based corporate rewards company for a possible acquisition, which may materialise in the next 5-6 months. It is also looking at global markets like Australia. “We will fund the acquisitions through internal accruals and the funding raised earlier,” said Raj.
Gurgaon-based Privilege Corner is an 18-month-old firm started by Anshul Gupta, Nitin Mathur (co-founder of HealthPA), Harsh Azad (co-founder of Via.com) and Umang Maheshwari. The start-up has already acquired clients in IT & telecom space, providing rewards and loyalty programme solutions. Its flagship product is called the Privilege Club. Privilege Corner had also raised seed funding of $200,000 from private investors in December 2010.