Hyderabad-based brand merchandising, corporate gifting and promotional products company, eYantra Industries Limited, is setting up offices in Ahmedabad and Jaipur with an investment of Rs 4 crore. The expansion will be completed in the current financial year.
The company, which invested an undisclosed sum in Rotterdam, the Netherlands-based international merchandising conglomerate IGC Global Promotions, last year, has also received two large global contracts signed by the latter – one from a Germany-based IT services company and the other from a pharmaceutical firm in Holland.
“The already-signed contracts, put together, are expected to add Rs 5 crore to the company’s revenues annually. Three more large global contracts are in the pipeline. We are in advanced negotiations and the deals will be finalised within three to six months from now,” Jolly Jose, director, eYantra, told Business Standard.
eYantra, which reported revenues of Rs 50 crore last year, is aiming at achieving an organic growth of around 50 per cent in the current financial year. The current and additional global contracts through IGC will fuel further growth, he said.
The company had, in January this year, acquired New Delhi-based Privilege Corner, which is into corporate group-buying, rewards and recognition space, for $1 million.
According to Jose, in an approximate $55-billion worldwide pie of the promotional product industry, IGC, in which 47 companies from five continents have equal stake, cuts an impressive slice and the benefit will touch Indian shores with more global contracts.
“The combined revenues of IGC’s member companies is currently $840 million. It is expected to increase to more than $1 billion within three years,” Jose said in a press release.
