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Direct-to-consumer (D2C) footwear brand Trase has been reacquired by its co-founders, Jitin Goel and Dhruv Gupta, from the roll-up company Upscalio. The move marks a significant step as the founders regain control of the brand they launched in 2016.
What prompted the reacquisition?
Trase has been part of Upscalio's portfolio since 2021, aiming to reach broader market segments. However, Upscalio's recent shift to focus on home and kitchen categories led to a mutual decision to divest Trase.
Gautam Kshatriya, CEO of Upscalio, noted, "Despite the success of Trase under our stewardship, it did not align with our long-term strategy. We are pleased to divest it back to its founders and new investors, who are well-positioned to scale the brand further."
Aneesh Sivakumar, Co-founder of Done Deal, expressed his satisfaction, said, “We are happy that Deep and Mohit discovered Trase through us.”
Done Deal is a tech-enabled M&A platform that scours over 800 listed startups for potential opportunities.
Details of the investment round
Following the reacquisition, Trase raised $500,000 in an angel investment round. The funding round was led by Deep Bajaj and Mohit Bajaj of Sirona Hygiene, with participation from Shiven Malhotra, Vikas Gautam, and Rohit Jain. The funds are earmarked for working capital, team building, inventory, and marketing efforts.
Brand's performance and future plans
Under the leadership of Goel and Gupta, Trase achieved an impressive annual recurring revenue (ARR) of Rs 18 crore by 2020. Looking forward, the founders are optimistic about the brand's growth.
"We target to clock Rs 100 crore revenue in the next 3 years. We aim to grow 100 per cent year-on-year," stated the co-founders. They also plan to expand their presence in the offline market, starting with shop-in-shops in Delhi NCR.
For every 10 pairs sold, the company plans to donate a pair to the underprivileged, emphasizing their commitment to community support alongside their business objectives.