Corporate gifting solutions venture eYantra buys out competitor Privilege Corner

Brand merchandising and corporate gifting solutions venture, eYantra has acquired Gurgaon-based Privilege Corner.

Both eYantra and Privilege Corner work with corporates to create benefits and rewards programmes for employees and customers.

Phani N Raj, founder and CEO of eYantra said the acquisition was to speed up growth. Hyderabad-based eYantra was founded in 2000 and claims to have over 1000 corporate clients, like HCL, Microsoft, Dell, Honeywell, Nestle and HUL. Apart from creating rewards programmes, eYantra also offers merchandising solutions for corporates.

Privilege Corner was launched in mid-2010 by Anshul Gupta, Nitin Mathur, Harsh Azad, and Umang Maheshwari. With this buyout, eYantra gets access to Privilege Corner's basket of solutions, among them Privilege Club, which offers exclusive deals and experiences for employees.

While still a nascent sector, the employee benefits industry has witnessed some early consolidation. Last year Delhi-based benefitsPLUS, an online employee benefits and rewards programme service provider, acquired its competitor, Snowball eRetail Services.

In 2010, eYantra had raised $7.5 million from US-based Argonaut Private Equity. In 2008, early stage fund Ventureast had invested $3.1 million in the venture.