Ecommerce Rollup Startup Evenflow Adds 4 D2C Brands To Its Portfolio

Mumbai-based D2C brand aggregator Evenflow Brands has announced acquisition of four consumer brands to strengthen its product portfolio. It has acquired majority stakes in two sports and fitness brands – Vifitkit and Yogaraise. The other two acquisitions are Frenchware, a kitchen label and Cingaro, a gardening brand. 

Evenflow Brands announced that all the four brands have an annual run rate between $500K to $2 Mn. As part of the deal, founders of Frenchware and Cinagro will join Evenflow as consultants. 

Adding this acquisition, Evenflow Brands in the past three months has acquired seven D2C brands. Earlier, it has acquired Xtrim, BabyPro, and Rusabl. 

Founded by former Uber executives Utsav Agarwal and Pulkit Chabbra, Evenflow Brands, unlike other Thrasio-style roll ups, focuses heavily on third-party sellers on marketplaces and acquires them at EBITDA multiples and not revenue multiples. 

The startup has been acquiring third-party e-commerce sellers with a wide array of product portfolios and aims to establish them as solid brands across multiple categories in e-commerce.

Among its latest acquisitions, Vifitkit is a three year old brand, which has over 8,000 ratings on Amazon’s yoga mat vertical. Cinagro, a Hyderabad-based gardening brand was founded in 2017 and is claimed to have highest rated reviews under the category.

For its other two acquisitions, Evenflow plans to build Yogarise into a cult yoga brand and expand Frenchware into a mass premium brand catering to all major segments within the kitchen portfolio.

“We are looking to triple the growth for each of these brands in the next six months. We took our time to build our playbooks and formulate our expansion plans. At present, all four brands are Amazon only but we are in the process of onboarding them on other marketplaces including Flipkart, Meesho and Jiomart,” said Utsav Agarwal, cofounder and CEO at Evenflow.

The ecommerce rollup model or more popularly known as Thrasio model, is a concept that has gained popularity in India in a short period of time. We have already seen two Thrasio style ventures – GlobalBees and Mensa Brands achieving unicorn status within a year of inception. 

Others in the space are 10Club that raised the country’s largest seed round of $40 Mn in June, GOAT Brand Labs, Uspcalio, CureFoods, and Powerhouse91. It is interesting to note that Thrasio itself is entering the India market with $500 Mn investment.