Evenflow Brands, a Bengaluru-based ecommerce rollup platform with a mission to scale up over 100 digital-first brands, has announced closing its Pre-Series A round of $5 million.
This year-old startup 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 and CEO, Paytm), Kunal Shah (Founder and CEO, CRED), Nimesh Kampani (Co-founder and CEO, Trica), Sandeep Varaganti (CEO of Marketplace Reliance Retail), Abhishek Nag (ex-Director of BD at Netflix), Sony Joy (ex-VP, Truecaller), MageHold (HK based micro fund), Moving Capital (Uber alumni syndicate), MyAsiaVC and a few others.
“We have acquired seven 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 small businesses into everyday brands. We feel very grateful for the interest we are getting from key partners in the ecosystem,” said Utsav Agarwal, Co-founder and CEO 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.
The startup partners with promising digital-first brands that sell on ecommerce marketplaces like Amazon, Flipkart, Meesho, JioMart, and others, and helps to scale them profitably.
Evenflow was founded by former Uber executives Utsav 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 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.
Anne Dwane, Partner at Village Global, said,
“We loved the team at Evenflow and the way they are approaching the space in their unique way. We share their vision and the speed at which they have been building capabilities. We are thrilled to back the team and support them in their endeavour with our learnings and our network of LPs.”
To this, Dr 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 e-commerce 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.”