The firm saw participation from Village Global, 9Unicorns, Venture Catalysts, LetsVenture, Shiprocket, and marquee angel investors such as Emil Michael (ex-chief business officer at Uber), Vijay Shekhar Sharma (founder, Paytm), Kunal Shah (founder, CRED), Nimesh Kampani (cofounder, Trica), Sandeep Varaganti (chief executive officer (CEO) of Marketplace Reliance Retail), Abhishek Nag (ex-director, Netflix), Sony Joy (ex-vice president, Truecaller), MageHold (HongKong based micro fund), Moving Capital (Uber alumni syndicate), MyAsiaVC and a few others.
“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, cofounder at Evenflow.
Evenflow aims to develop over 20 such Indian brands over the next 12-18 months. The startup will use the funds raised in this fresh round to expand its team size, acquisition, and enhance its tech and operations.
Apoorva Ranjan Sharma, the 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.”
Evenflow, which aims to scale up over 100 digital-first brands, was founded by former Uber executives Agarwal and Pulkit Chhabra in May 2021. It acquires and scales-up third-party sellers on marketplaces through operational intelligence across the value chain — marketing, branding, cataloguing, supply chain, sourcing, channel expansion, etc. It also focuses on creating multi-crore brands across categories where consumers do not have branded options like home and kitchen, baby care, sports and fitness, gardening, etc.
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“We are thrilled to be a part of the Evenflow team and their continuous effort to remove all operational barriers for brands in the ecommerce space. Together we aim to enable small-medium scale sellers to expand their presence on the top ecommerce platforms and work efficiently and efficiently,” said Vishesh Khurana, cofounder of Shiprocket.
Evenflow is similar to Thrasio, a US-based company Thrasio that acquires third-party brands that sell on Amazon and helps build on their growth.
