UpScalio, a digitally led ‘House of brands’ in the utility consumer goods space, has raised $15 million in a pre-Series B round, led by Gulf Islamic Investments, with participation from a consortium of lenders including Northern Arc and Unity bank.
This fund raise announcement comes shortly after UpScalio’s Series-A round fundraise of $42.5 million in August last year.
Gautam Kshatriya, Co-Founder & CEO, UpScalio, said, “We are absolutely thrilled to have GII partner with us on our growth journey. GII team’s global experience in ‘buy and build’ across industries will be immensely helpful as we aggregate and scale ecommerce brands. We will utilize this fundraise to partner with more brands, to invest in hiring across key growth functions, and to build out other technology and growth capabilities.”
Gulf Islamic Investments (GII), having an AUM of $3 billion spanning over private equity and real estate globally, is looking to build on its portfolio in India, it said in a press statement. GII’s investment in UpScalio marks their sixth investment in its second Indian Growth Portfolio launched in 2021 consisting of opportunities across technology based consumer and healthcare segments.
UpScalio, headquartered in Gurgaon, was founded in April 2021 by former McKinsey & Company consultant Gautam Kshatriya, former Bain & Company consultant Saaim Khan, and former Disney Hotstar and Purplle marketing and growth executive, Nitin Agarwal.
Pankaj Gupta and Mohammed Alhassan, Co-founders and Co-CEOs of Gulf Islamic Investments said, “UpScalio’s core focus on operating brands in all-weather utility categories is differentiated from similar modelled businesses in India and globally.”
