SUMMARY
- Evenflow has secured an undisclosed sum in a bridge round from seasoned entrepreneur Shail Patel.
- Existing investors also participated in its ongoing $5 million Series A round.
- The funds will be used in scaling its operations and enhancing the presence of its seven recently acquired local brands.
Ecommerce roll-up platform Evenflow has secured an undisclosed sum in a bridge round from seasoned entrepreneur Shail Patel along with some of its existing investors, as part of its ongoing $5 million Series A round.
The funds will be used in scaling its operations and enhancing the presence of its seven recently acquired local brands — Xtrim, Yogarise, Rusabl, BabyPro, Trendy Homes, Cinagro, and Frenchware. The goal is to broaden these brands’ international footprint by venturing into new territories.
This funding round comes after a series of initiatives to improvise its supply chain, marketplace operations, D2C, and quick commerce capabilities, including the addition of new team members and the promotion of Shashank Ranjan to co-founder status.
Evenflow is active in both India and the U.S., having a market share on platforms such as Amazon, Flipkart, CRED, Zepto, and Instamart, which has seen a market share increase of 350%.
The company has laid out ambitious goals to boost its revenue 10X and its profits 6X by the year 2027. However, achieving these targets could prove to be a challenge, as many roll-up platforms face obstacles in scaling.
In 2021, e-commerce roll-up companies, Mensa and Globalbees rose as unicorns, while 10club managed to secure $40 million in one of India’s biggest seed funding rounds.
Funding dropped from $540 million in 2021 to $70 million in 2022, $78 million in 2023, and $39 million in the current year, post Tharasio wind-up. Amazon aggregator Thrasio was on the brink of bankruptcy but has since navigated its way out of Chapter 11 and has appointed Stephanie Fox as its new CEO.
Mensa was able to secure more debt, while others like GlobalBees and Goat Brand Labs took over a year to do so. 10club redirected its strategy towards focusing on consumer brands. Powerhouse91 and Upscalio have not seen any investment since over two years ago.
In a press release, Evenflow’s co-founder and CEO Utsav Agarwal mentioned the company’s intention to go public through an IPO by the year 2027.
