Bengaluru, October 15th, 2024: Evenflow, India’s leading house of brands and the only profitable player in this space globally, has raised an undisclosed amount in a bridge round from serial entrepreneur Shail Patel and some existing investors as a part of its ongoing Series A round of $5 million.
The new funds will be used to expand operations and grow all seven acquired homegrown brands — Xtrim, Yogarise, Rusabl, BabyPro, Trendy Homes, Cinagro, and Frenchware. Evenflow plans to expand the global presence of these brands by entering more countries.
Currently, the brands are present in India and the US, and they have experienced a healthy 350% growth by selling their products on online marketplaces. Evenflow brands sell across various platforms such as Amazon, Flipkart, CRED, Zepto, Instamart, and others.
Founded in 2021, Evenflow has received funding from 100unicorns, Village Global, Equanimity, Kunal Shah, Vijay Shekhar Sharma, Emil Michael, Sandeep Varaganti, Srinath Rajam, and many others in several rounds.
“Currently, we view ourselves more as a mutual fund than a high-growth stock. Our focus is on low risk and stable returns, rather than high risk and volatile returns. This approach is in line with the preferences of our current investors and Shail Patel, which is why they have shown confidence through their investment. We are excited to utilize this capital for our people and for growth, and ultimately prepare for an IPO by the end of 2027,” said Utsav Agarwal, CEO and Co-founder of Evenflow.
Evenflow aims to increase its revenue by 10x and profits by six-fold by 2027 through building a strong core team, scaling the business, and maintaining a healthy bottom line.
The new fund raise comes in a week after, the Bengaluru-based startup Evenflow announced strengthening its leadership team with 4 key hires across supply chain, marketplaces, D2C and quick commerce verticals, and a month after it promoted Shashank Ranjan as its co-founder, who had joined Evenflow in 2022.
On backing Evenflow, Shail Patel, Director at Adjavis Venture Limited, said, “India is going through a massive shift in the adoption of challenger brands across categories. It presents a unique opportunity over the next decade to build everyday brands that turn into household names. Evenflow is capitalizing on this very opportunity with positive unit economics, and hence I am excited to back them.”
Adjavis Venture Limited is a leading personal care company set up in 2013 by Devendra N. Patel, ex-promoter of Paras Pharmaceuticals which was acquired by the British consumer goods major Reckitt Benckiser in 2010. Journey of Adjavis began with a successful launch of LAYER’R Wottagirl, India’s very first body splash brand for women along with other skin care products followed by LAYER’R SHOT, body spray brand for men.
