Companies

E-commerce roll-up Evenflow closes pre-series A round of $5 million  

BL Mumbai Bureau | Updated on: May 05, 2022

Shopping cart full of purchases and stack of cardboard boxes | Photo Credit: CYBRAIN

To utilise the funds for expanding team size, acquisition and enhance its tech and operations

Evenflow Brands (Evenflow), an e-commerce rollup has announced that it has closed its pre-series A round of $5 million.

The start-up also witnessed participation from Village Global, 9Unicorns, Venture Catalysts, LetsVenture, Shiprocket, and angel investors such as Emil Michael (ex-Chief Business Officer at Uber), Vijay Shekhar Sharma (Founder & CEO, Paytm), Kunal Shah (Founder & CEO, CRED), Nimesh Kampani (Co-founder & CEO @ Trica), Sandeep Varaganti (CEO of Marketplace Reliance Retail), Abhishek Nag (ex-Director of BD @ Netflix), Sony Joy (ex-VP, Truecaller), MageHold (HK based micro fund), Moving Capital (Uber alumni syndicate), MyAsiaVC, among others.

The start-up will utilise the fresh funds to expand its team size, acquisition and enhance its tech and operations.

Start-up profile

Founded by former Uber executives Utsav Agarwal and Pulkit Chhabra in May 2021, the start-up acquires and scales up third-party sellers that sell on e-commerce marketplaces like Amazon, Flipkart, Meesho, JioMart and others through operational intelligence across the value-chain — marketing, branding, cataloguing, supply chain, sourcing, channel expansion, etc. It focuses on categories such as home & kitchen, baby care, sports & fitness, gardening, etc.

“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 fantastically built 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 & CEO at Evenflow. The start-up aims to develop over 20 such Indian brands over the next 12-18 months. 

Vishesh Khurana, Co-founder of Shiprocket, said, “We are thrilled to be a part of the Evenflow team. Together we aim to enable small-medium scale sellers to expand their presence on the top e-commerce platforms and work efficiently and efficiently.”

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.”

Apoorva Ranjan Sharma, Founder of Venture Catalysts and 9Unicorns, said, “India’s digital-first online brands is going to be a $100 billion opportunity over the next 4-5 years. We are very optimistic about Evenflow’s capacity to build and grow these brands.” 

Published on May 05, 2022
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