E-commerce platform Evenflow has reportedly secured USD 5 million in recent fundraising from a group of private equity and angel investors.
The latest funding saw participation from 9unicorns, Village Global, LetsVenture, Venture Catalysts, Shiprocket, and other notable angel investors including Vijay Shekhar Sharma (Paytm’s founder), Nimesh Kampani (cofounder, Trica), Emil Michael (former chief business officer at Uber), Kunal Shah (CRED’s founder), Abhishek Nag (ex-director, Netflix), and Sandeep Varaganti (Chief Executive for Marketplace at Reliance Retail) among others.
For those unaware, Evenflow works with digital-first firms that predominately sell on e-commerce platforms including Flipkart, Amazon, Meesho, JioMart, and others, further helping them to scale successfully. The former Uber executives Pulkit Chhabra and Agarwal started Evenflow in May 2021 to scale up over 100 digital-first enterprises.
Essentially, Evenflow acquires and expands third-party vendors on markets with the help of operational intelligence across the value chain, branding, marketing, supply chain, cataloging, channel growth, and sourcing.
It also focuses on building multi-billion-dollar brands in categories where customers do not have branded alternatives, such as home and kitchen, sports and fitness, infant care, and gardening among others.
Evenflow cofounder Agarwal stated that the company has acquired 2 private labels along with 7 brands and has been able to progressively scale them lately. The whole team is dedicated enough to the expansion of these brilliantly developed small businesses into everyday brands.
Over the next 12-18 months, Evenflow plans to add over 20 such Indian brands. The fresh funds will be deployed to growing the team, making acquisitions, and improving its operations and technologies.
Venture Catalysts and 9Unicorns founder Apoorva Ranjan Sharma believe that Evenflow has the potential of taking the brands to the USD 100 billion mark in a short timeframe, which seems to be a tough task when compared with India's digital-first online brands.
If seen correctly, Evenflow works in a quite similar manner as the U.S.-based firm Thrasio, which also acquires third-party brands that sell on e-commerce sites like Amazon.