Even flow Brands (Evenflow), an e-commerce rollup, has announced the closure of its pre-Series A round of $5M. The startup partners with digital-first brands that sell on e-commerce marketplaces like Amazon, Flipkart, Meesho, JioMart & others, and helps to scale them profitably, it said.
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 & 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 and a few others.
Founded by former Uber executives Utsav Agarwal and Pulkit Chhabra in May 2021, Evenflow 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 & kitchen, baby care, sports & fitness, gardening, etc., it said in a statement.
Utsav Agarwal, Co-Founder and CEO at Evenflow, said, “We have acquired 7 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.”
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.
Vishesh Khurana, Co-Founder of Shiprocket said, “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 share their [Evenflow] vision and the speed at which they have been building capabilities.”
Dr Apoorva Ranjan Sharma, the 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. 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."
