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Evenflow Brands Tech Pvt Ltd, an aggregator of third-party sellers on e-commerce platforms, has acquired Xtrim, a Chennai-based sports and fitness brand.
This is Evenflow’s third acquisition within a month, after baby brand BabyPro and online sustainable products seller Rusabl.
Founded by former Uber executive Utsav Agarwal in 2021, Evenflow acquires online sellers in the range of $200,000-1.5 million per brand.
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It acquired Xtrim for an upfront amount based on EBITDA multiple valuations and performance earnouts over three years.
Founded by Asghar Ali and Sathish Kumar in 2016, Xtrim is a digital-first brand selling sports, fitness, and outdoor accessories such as gym gloves, joint wraps and belts. The company also has a manufacturing unit, which is not part of the acquisition.
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Sports retail in India is growing at a CAGR of 12 per cent.
With Xtrim’s acquisition, Evenflow aims to create an affordable home-grown brand for Indian and international buyers, it said.
Evenflow’s co-founder and VP-Acquisitions Pulkit Chhabra said, “The sports and fitness category has witnessed massive growth as people become more health-conscious and workout-from-home is becoming the new normal... we’re excited about providing customers premium-quality fitness products at competitive prices.”
“Xtrim is a fabulous addition to our portfolio. We have the vision of building this into a top sports and fitness accessories brand on e-commerce,” said Utsav Agarwal, co-founder and CEO.
Evenflow expects Xtrim to record 20x growth over the next three to four years.
Xtrim’s founders, Ali and Kumar, said in a joint statement, “The idea behind the brand Xtrim is to offer world-class fitness products that are essentially ‘Made in India’.”
“During our discussions with Evenflow, we found a lot of synergies like our strength in manufacturing coupled with Evenflow’s expertise in the e-commerce space, and expect to leverage those.”
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