Acknowledging the boom in e-commerce industry in India, US-based e-commerce site LuxeYard is reportedly foraying Indian market. 

For this, the company has tied up with a serial entrepreneur Sashi Chimala who will launch a local venture that LuxeYard plans to buy after two years, insiders informed.

As a matter of concern, it is found, LuxeYard is a members-only site which is best known for heavy discounts for limited periods of time. It sells home decor, furnishings and fashion items. It lets its members determine what is sold on the site and offers them discounts for group sales.

According to Steve Beauregard, Chief Operating Officer, LuxeYard, the company is using latest reverse-acquisition model which will eliminate the risk and uncertainty of expansion into a new market. 

Further he added, the company will raise $1 million in the first round and $5 million in next six-seven months to scale up the business to a height. 

Presently, e-commerce industry in India is growing at an estimated 40-45 percent on a compounded aggregate growth rate basis vis-a-vis a global growth rate of 8-10 per cent. Recently, the Internet and Mobile Association of India has generated a report which indicated that e-commerce market is likely to grow ten- fold to about $6 billion by 2015. 

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