Bangalore: eYantra, a Hyderabad based brand merchandising and corporate gifting solutions company, has raised $3.1 million in a Series A funding from Ventureast and Argonaut.

This funding will help us to consolidate our leadership position and also enable us to foray into direct Internet marketing by capitalising on our marquee client base," said Phani N. Raj, Managing Director, eYantra.It added that a major usage of the fund includes acquiring new clientele, launch of e-commerce initiatives, creating an intelligent customer analytics engine and building a world class distribution centre in Hyderabad, apart from geographical diversification.

eYantra is setting up an apparel manufacturing facility, which will have a capacity of 600,000 T-shirts a year and plans to set up office in Connecticut, U.S.

Another funded company in this segment is Myntra Designs, which last year raised funds from Accel Partners (formelry Erasmic Fund).

Ventureast has a host of investments in India across different sectors like technology, healthcare and infrastructure. Some of the other enterprises funded by it are UsourceIT, 2AdPro and Richcore.