Evenflow Brands Tech Pvt Ltd, a thrasio-style marketplace aggregator founded by former Uber executives Utsav Agarwal and Pulkit Chhabra, has raised pre-Series A funding of $5 million (around Rs 38 crore) from 9Unicorns, Venture Catalysts, Village Global, LetsVenture and Shiprocket.
The round also saw participation from angel investors including Emil Michael (former Chief Business Officer at Uber); Vijay Shekhar Sharma (Founder and CEO, Paytm); Kunal Shah (Founder and CEO, CRED); Nimesh Kampani (Co-Founder and CEO of Trica); Sandeep Varaganti (CEO of Marketplace Reliance Retail); Abhishek Nag (ex-Director of BD Netflix); Sony Joy (ex-VP, Truecaller); MageHold (HK based micro fund); Moving Capital (Uber alumni syndicate) and MyAsiaVC among others.
Thrasio is a US-based startup that rolls up popular brands sold on Amazon.com Inc's marketplace.
The startup partners with digital-first brands that sell on ecommerce marketplaces like Amazon, Flipkart, Meesho, JioMart and others to help them scale their business.
“We have acquired 7 brands and launched two private labels and managed to scale our brands steadily in the last 12 months. Our team is committed to scaling these fantastically built small businesses into everyday brands,” said Utsav Agarwal, Co-Founder and CEO at Evenflow.
Evenflow said it aims to aims to develop over 20 Indian brands over the next 12-18 months.
The startup will use the funds raised in this fresh round to expand its team size, and acquisition and enhance its tech and operations.
Apoorva Ranjan Sharma, Founder of Venture Catalysts and 9Unicorns, added, "India's digital-first online brands is going to be a $100 billion opportunity over the next 4-5 years. However, these brands currently cannot scale up despite having done business on top ecommerce platforms. With Evenflow, several of these brands can become Rs 100 crore brands in a short time, and we are very optimistic about Evenflow's capacity to build and grow these brands."
In January, Evenflow invested in four more consumer brands in a bid to expand its portfolio and reach, Evenflow bought stakes in two sports and fitness brands - Vifitkit and Yogarise.
The company also bought stakes in Frenchware, a kitchen label and Cingaro, a gardening brand. Evenflow said that all the brands have an annual run rate between $500,000 to $2 million.
The company, in 2021, had acquired Xtrim, a sports and fitness accessories brand, BabyPro, a baby-care brand and Rusabl, an online daily sustainables’ brand.