Mumbai-based ecommerce rollup startup Evenflow Brands has raised an undisclosed amount in a pre-Series A funding round led by early-stage investment firms Village Global, Venture Catalysts, and 9Unicorns.
Other marquee angel investors and funds such as Emil Michael (ex-Chief Business Officer at Uber), Anand Chandrasekaran (ex-Facebook, Snapdeal), Vijay Shekhar Sharma (Founder & CEO, Paytm), Kunal Shah (Founder & CEO, CRED), MaGEHold (SG/HK Based Angel Investment Group), Moving Capital (Uber Alumni Investment Club), MyAsiaVC, Luminaire Capital and a few others also participated in the pre-Series A round.
The investment in Evenflow marks Village Global's entry into the Indian e-commerce aggregator space. The San Francisco-based Village Global, which is backed by top business personalities like Jeff Bezos and Bill Gates, has invested in startups such as Addi, Airbase, Canvas, Brightside, Orange Health, SellerX, among several others.
Founded in May 2021 by ex-Uber executives Utsav Agarwal and Pulkit Chhabra, Evenflow Brands focuses on acquiring and scaling third-party sellers on marketplaces through operational intelligence across the value-chain - marketing, branding, cataloging, supply chain, sourcing, channel expansion, etc.
The startup is focused on creating multi-crore brands across categories where consumers do not have branded options like home & kitchen, sports & fitness, baby care, pet care, gardening, etc.
Evenflow Brands will use the raised funding for its team expansion, make more acquisitions, and enhance its technology and operations, the statement said.
"E-commerce in India is still in its infancy, primed to grow exponentially in the coming years. We are just starting with the vision to build everyday sellers into category-defining brands - not only in India but also internationally. With this round of investment & experience of local and global investors on board, we are confident of getting our fundamentals stronger to prepare us for scale in the coming years," said Utsav Agarwal, co-founder & CEO at Evenflow.
Speaking on the investment, Anne Dwane, Partner at Village Global, said, "We loved the team at Evenflow and the way they're approaching the space in their unique way. We share their vision and the speed at which they've been building capabilities. We are thrilled to back the team and support them in their endeavor with our learnings and the network of LPs Village Global is associated with."
According to the company's statement, Indian e-commerce has thousands of digital-first brands waiting to be scaled, with e-commerce penetration at barely 4.9%. This gives startups like Evenflow a massive opportunity to acquire and grow these brands and expose great product portfolios in countries outside of India as well.
"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 e-commerce platforms," Dr. Apoorva Ranjan Sharma, Founder of Venture Catalysts and 9Unicorns, said.
"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," Apoorva added.
It's worthy to mention that Evenflow is similar to US-based Thrasio, a company that acquires third-party brands that sell on Amazon and helps build on their growth. Evenflow aims to develop over 50 such Indian brands over the next 12-18 months.