Evenflow Raises $5 Million In Pre-Series A Funding Round Funds will be utilized to expand its team size, acquisitions and to enhance its technology and operations
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Evenflow on Thursday announced to have raised $5 million in pre-Series A funding round. The startup partners with promising digital-first brands that sell on e-commerce marketplaces such as Amazon, Flipkart, Meesho, JioMart and others, and helps to scale them profitably. The funding round witnessed participation from Village Global, 9Unicorns, Venture Catalysts, LetsVenture, Shiprocket, and marquee angel investors such as Emil Michael, Vijay Shekhar Sharma, Kunal Shah, Nimesh Kampani, Sandeep Varaganti, Abhishek Nag, Sony Joy, MageHold, Moving Capital, MyAsiaVC and a few others. Funds will be utilized to expand its team size, acquisitions and to enhance its technology and operations.
"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," said Utsav Agarwal, co-founder and CEO, Evenflow.
"India's digital-first online brand is going to be a $100 billion opportunity over the next four to five 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," said Dr. Apoorva Ranjan Sharma, founder, Venture Catalysts and 9Unicorns.
Evenflow was founded by former Uber executives Utsav Agarwal and Pulkit Chhabra in May 2021. The company acquires marketplace sellers with a great product portfolio and massive growth potential. It scales them by building optimization levers cutting across supply chain, performance marketing, brand marketing, platform optimization, cataloguing among others. It focuses on creating multi-crore brands across categories where consumers do not have branded options like home and kitchen, baby care, sports and fitness, gardening, etc.