Top News

US-based luxury flash sale site LuxeYard partners Sashi Chimala to expand in India

US-based LuxeYard, Inc, a luxury
flash sale site has signed an exclusive licensing deal with veteran technology
and retail entrepreneur Sashi Chimala to expand their business in India. Under
the terms of the agreement, Chimala will establish LuxeYard India, with a
dedicated team to build out product acquisition, marketing and merchandising

US-based LuxeYard, Inc, a luxury
flash sale site has signed an exclusive licensing deal with veteran technology
and retail entrepreneur Sashi Chimala to expand their business in India. Under
the terms of the agreement, Chimala will establish LuxeYard India, with a
dedicated team to build out product acquisition, marketing and merchandising
operations to manage the site. 

Chimala will launch a local
venture that LuxeYard plans to buy after two years following a reverse-acquisition
model. The venture will also try raise $1 million in the first round and $ 5
million in six-seven months to scale up the business. In two years, Chimala
will sell back the business to LuxeYard which will also provide an exit route
to investors.

Chimala is one of the founding
members of Covansys; founder of Indigo Technologies (which was later acquired
in a 2-way deal between SSI and Nasdaq); founder of Qwiky’s Coffee, a
pioneering retail venture in Asia; and of CricTV.com, the first social video
network for cricket. His recent entrepreneurial venture was Knibble.com, an
online gaming company acquired by FX Labs in 2008.

Working closely with the US team,
LuxeYard India will leverage the company’s existing ecommerce platform and
operations infrastructure, as well as its extensive knowledge of selling
fashion, home furnishings and decor via the flash sale model.

“This exciting deal provides
access to one of the fastest growing ecommerce markets in the world, where
rising consumer spending power and demand for luxury goods will combine to help
us achieve our revenue goals and business objectives,” said Braden
Richter, CEO, LuxeYard, Inc, adding, “Under Sashi’s leadership and with
his history of successful entrepreneurial ventures, we have great confidence
that our partnership will be successful.”

“The ecommerce market is in a state of
rapid growth and the flash sale model is just now beginning to emerge in India.
Our partnership is structured to immediately leverage our respective products,
people and technology and will allow LuxeYard to enter the market quickly. Over
time it will also allow us to realize even more efficiencies and cost savings,”
Shashi Chimala has said.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close