Posts in category: Press Releases

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, SrinathRajam, and many others in a 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 Wotta girl, 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.

Invest4Edu, India’s leading education planning company, has appointed Manish Sahijwani as its Chief Business Officer – Financial Services.

Manish brings with him 20 years of experience in financial planning and wealth management for family offices, institutions, and ultra-high-net-worth individuals. He excels in building teams and launching new products and services.

Known for his client-focused approach, he has a track record of aligning financial programs with company objectives to achieve strategic growth.

Before joining invest4Edu, Manish has had successful stints as Director at IIFL and Senior Vice President at Indiabulls Securities Limited. He is a certified wealth managerwho holds an MBA in Finance and Marketing.Manish resides in Gurugram with his family.

“I am thrilled to be a part of such a dynamic team. Invest4Edu is a unique platform where you create wealth and opportunities while ensuring a bright future for the next generation. Indians are in the golden period of economic surge to create wealth and meet their life-goals, and I, with everyone at invest4Edu, will be working to ensure that our stakeholders achieve that.” expressed Manish Sahijwani, Chief Business Officer, Financial Services, invest4Edu.

Peeyush Agrawal, CEO & CDIO of invest4Edu, expressed enthusiasm about the appointment, stating, “invest4Edu is now gearing up for scale, and we are delighted to have a seasoned business leader like Manish who brings that expertise to take our mission forward with the required pace and quality service.”

Gemba Capital, India’s leading micro-VC fund, has expanded its Advisory Team by adding Ranjeet Pratap Singh as a Consumer Tech Venture Advisor.

In his advisory role, Ranjeet will guide Gemba Capital’s investment team in evaluating consumer tech deals and mentor portfolio companies with his invaluable insights and expertise.

Ranjeet is the Co-Founder & CEO of Pratilipi, India’s largest storytelling platform across multiple formats and languages. Pratilipi was founded in 2015, and its online literature platform has over 1.5 million writers whose stories are read over 550 million times each month.

The company also owns Pratilipi Comics, Pratilipi FM, IVM Podcasts, and Westland Books. Pratilipi has raised over USD 80 million from investors such as Krafton, Nexus, and Omidyar Network.
An FMS Delhi Alumnus, some of Ranjeet’s angel investments include startups such as Kutumb, Animall, Headout, and Newton School.

“I have always believed that brainstorming with smart founders is a way to give back to the ecosystem and learn fresh perspectives that help me as an operator and a leader. Working with the fantastic Gemba Capital team and its portfolio companies is an endeavour that is going in the same direction. I am a big believer in the Indian consumer internet ecosystem and think dozens of large-scale consumer tech businesses will be built in India over the next decade. I am looking forward to playing a small part in the journey,” said Ranjeet in his new role as an advisor.

Commenting on the engagement, Adith Podhar, Founding Partner at Gemba Capital, said, “It is our privilege to have Ranjeet as part of the Gemba Capital family. He is one of the most prominent founders in the Consumer Tech domain and is an expert in understanding Indian consumer behavior, growth, monetization, etc. His nuanced understanding of the Indian consumer will add immense value to our investment team, LPs, and portfolio founders.”

Govind Lohia, Principal at Gemba Capital, said, “We are elated to have Ranjeet onboard. His operating experience further augments our investment capabilities and portfolio value-add. We are super bullish on the consumer tech domain and continue to partner with resilient founders building in this space.”

Gemba Capital has invested in 50+ startups so far, including Plum Insurtech, Grip Invest, Wint Wealth, Zuper, Navadhan, Volt Money, Showroom, Strata, ClickPost, Eternz, and LightFury Games. They recently received the SEBI License for their second fund of US$30 million, through which they will invest in seed/pre-seed stage startups in Fintech, Consumer Tech, and B2B Platforms.

Evenflow, India’s leading house of brands and the only profitable player in this space globally, has strengthened its leadership team with four key hires in major verticals such as business, category, supply chain, and sourcing.

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 company has hired Priyesh Singh from Decathlon to expand its supplier network and enhance supply chain efficiency in India. Aparajitha Vijayaraghavan from Dunzo will lead the quick commerce segment, and Prashant Agarwal will head its marketplace and D2C business.

Prashant has worked in both offline and online segments in his prior roles, bringing the right blend of online and offline experience from his earlier positions at Hopscotch, ABFRL, and Titan.

The company also hired former HP project manager and a D2C entrepreneur Ruchi Shaikh to oversee the growth of BabyPro and CRED as a strategic channel for importance and growth.

The move comes in a month after, the Bengaluru-based startup Evenflow promoted Shashank Ranjan as its co-founder. Ranjan, who joined Evenflow in 2022, was the head of sourcing at the company and had earlier worked with brands like Udaan and Decathlon.

“We have made significant progress in the past 24 months. We have gone from losing $200k per month to becoming profitable, which has been quite a journey. As we examine our business today with a perspective of 4 years into the future, it is crucial to focus on building for scale and prioritizing the 3Ps (People, Process, Product). I’m thrilled to welcome Priyesh, Prashant, Aparajitha and Ruchi to Evenflow. Their diverse experiences adds a new dimension of thought, process & execution – and I look forward to working closely with them,” said Utsav Agarwal, CEO & Co-founder at Evenflow.

Founded in 2021 by Utsav Agarwal, a former executive at Uber and Glovo, Evenflow has received funding from 100unicorns, Village Global, Equanimity, Kunal Shah, Vijay Shekhar Sharma, Emil Michael, Sandeep Varaganti, Srinath Rajam, and many others.

It has acquired seven brands — Xtrim, Yogarise, Rusabl, BabyPro, Trendy Homes, Cinagro and Frenchware, in the home & kitchen, sports & fitness, and baby care categories and has expanded its presence in India and the US. The company has seen a healthy 350% growth by selling its products on online marketplaces.

Evenflow brands sell across various platforms such as Amazon, Flipkart, CRED, Zepto, Instamart, and others.

Annu Projects Limited, a top-tier provider of telecom network construction solutions on a turnkey basis, has raised Rs 5 crore in funding from Chanakya Opportunities Fund, a SEBI-registered Category II Alternative Investment Fund (AIF) that specializes in SME investement , through a preferential issue.

The funds will be instrumental in advancing Annu Project’s strategic initiatives, meeting its working capital requirements, and ensuring high-quality services across its core sectors.

Annu Projects, formerly known as Annu Infra Construct India Pvt., specializes in developing, and maintaining critical infrastructure across diverse sectors, including telecommunications, sewerage systems, gas pipelines, and the power sector.

“This investment from Chanakya Opportunities Fund will enable us to strengthen our market position and drive sustained growth in these essential areas. The investment is a testament to our vision and the strength of our team. This collaboration will fuel our growth, enhance our capabilities, and drive us closer to our goal of delivering exceptional value to our stakeholders,” said Sanjay Saraf, Director, Annu Projects Limited.

Founded in 2003, Annu Projects has successfully executed projects for significant government entities involved in telecom and infrastructure projects.

In the fiscal year 2023-2024, the Ranchi headquartered company reported revenue from operations of ₹153.53 Crores, a significant increase from ₹128.91 Crores in 2022-2023 and ₹110.28 Crores in 2021-2022.

Kresha Gupta, Founder and Fund Manager of Chanakya Opportunities Fund, expressed enthusiasm for the new partnership, stating, “We are thrilled to support Annu Projects’ innovative approach. This investment reflects our confidence in their leadership and vision to disrupt the market, as well as our belief in a future where they redefine industry standards.”

Trisu, India’s pioneering all-gold vermeil jewellery brand, has successfully completed its first pre-seed funding round, led by early-stage venture capital firm All In Capital. JK Tyres, Amaanta Group, and angel investors Himanshu Aggarwal and Sumer Sethi also participated in the round.

The company plans to use the funds to enhance customer acquisition, drive product innovation, and support market expansion. Founded by Saloni Chopra in 2023, Trisu offers gold vermeil jewellery with 18-karat gold plating that is five times thicker than standard gold plating, using silver as the base metal.

Trisu is named after Saloni’s parents, Trilok and Sushma. Sushma Chopra, who passed away in August 2023, was the heart of the brand. Her passion for durable jewellery and pursuit of better gold alternatives continue to inspire the Trisu team.

The brand’s mission is to provide long-lasting, affordable gold alternatives in India, particularly for individuals aged 30-60. Trisu’s products deliver high quality at a fraction of the cost, allowing customers to enjoy jewellery that closely resembles solid gold without the high expense or risk of loss.

With its head office in Gurgaon and manufacturing site in Jaipur, Trisu has achieved 24x growth within eight months of operation. The company aims to generate $1 million (Rs 8 crore) in monthly recurring revenue by 2025 and open ten shop in shops and five exclusive outlets by December 2026.

“With this funding, we aim to disrupt India’s $80 billion jewellery market with unique vermeil pieces that look like solid gold but cost a fraction. Our goal is to become the top gold alternative and capture 10% of the everyday gold jewellery market by 2034,” said Saloni Chopra, Founder of Trisu. With over a decade of experience in her family’s jewellery business, Saloni was also an early employee at Blissclub, where she helped scale the brand from Rs 3 crore to Rs 100 crore in ARR.

“Saloni makes for a great Founder-Market-fit for this category, given her earlier stints. Building a brand for the female TG needs customer centricity flowing top down in an organisation and Saloni fulfills that perfectly.” said Aditya Singh, Co Founder at All In Capital.

Trisu’s unique selling point is its superior plating style. Unlike other options in India, which either fade quickly or are plated on steel, Trisu’sjewellery offers a lasting finish—often lasting a lifetime. In just eight months, Trisu has attracted over 5,000 active users who appreciate its designs for their close resemblance to solid gold. The chains segment is the company’s top revenue driver, followed by neckpieces and bracelets.

By the end of this year, Trisu plans to expand its presence across all marketplaces, including quick commerce platforms.

The founding team also includes Shrey Bansiwal, who has experience with Oyo, Urban Company, and Blissclub, and Mahak Chopra, who brings over a decade of brand-building experience from Singapore.

As the banking and financial services industry moves towards the digital era, Generation X is expected to be at the helm of fintech companies. There is consensus that bank-fintech partnerships are the future, according to a survey conducted by BFSI focused CXO search firm Venator Search Partners. Even globally, Generation X (35-50 years old) accounts for 51% of leadership roles.

While Gen X is expected to dominate the leadership positions in the digital organisations, millennials are also gradually occupying leadership roles. Presently, millennials represent the largest percentage of the workforce and several of them are climbing the leadership ladder to occupy leadership roles faster than any other generation.

A bird’s eye view of the fintech space reveals that a big majority of the fintechs were founded over the last 5-7 years. Most of the founders of these companies are Gen X or millennials. Therefore, considering the age of the founders and the scale-up potential of these startups, there is an emerging vacuum in terms of mentorship.

Based on the industry requirements, senior BFSI professionals are likely to guide the founders of Fintechs, most likely by occupying advisory roles in the organisations or as members of the board. A collaboration of ambitions and technical skills of the young entrepreneurs and the guidance of experienced BFSI professionals will be vital for the overall progress of the organisations.

While traditional banks provide a safe option for several BFSI professionals, leadership roles in Fintech and digital lending organisations can provide an attractive proposition for these senior banking professionals. Higher stock options and an opportunity to mentor the future generation seem to be the primary reasons for experienced BFSI professionals moving to digital lending platforms.

Several BFSI professionals are aware of the immense potential that the digital lending platforms possess. Guiding such companies into the future is an attractive proposal for many. It also allows them to be part of the growing movement of fintech.

“We as headhunters see significantly higher cash compensation that the Fintechs offer compared to traditional banks. That’s possibly the only effective way of attracting capable talent. Often such offers from Fintechs are more than 50% higher on cash compensation compared to private sector banks,” said Deepraditya Datta, Founder, Venator Search Partners.

In terms of industry trends, the change in the credit needs of different industries has brought about a shift in focus from rates and payments to speedy access to credit. In this scenario, unsecured retail lending has emerged as the winner and is likely to be the future growth driver of fintech. More than 60 respondents which includes CEO’s, secured & unsecured lending professionals, HR Heads from leading NBFC’s, Banks & Fintechs participated in this survey.

Mistry.Store, a leadingBuilding materials platform, has launched India’s first smart credit program tailored for the building industry professionals like architects, interior designers, contractors-firms and other building professionals.

The smart credit program, an industry first credit product, is designed for Architects, Interior Designers, Contractor Firms, OEMs and all other building professionals created by addressing the critical credit gap in that segment.

After working hand-in-hand for the last 2 years with over 3,500+ professionals in the building space, Mistry.Storeidentified that dependence on informal credit alone invariably hinders business growth for professionals and curated the Smart Credit Programto address this critical gap.

The Smart Credit Program empowers building professionals to unlock their full potential. Firstly, it provides an interest-free period of up to 60 days, allowing for effective cash flow management and optimization of project finances. Secondly, the program guarantees cash rates on authentic products, ensuring quality and eliminating the concern of hidden costs. Finally, by simplifying procurement with a one-stop shop for all building materials, it helps to minimize sourcing costs and reduce the risk of pilferage.

By participating in the program, professionals can unlock higher credit limits, enabling them to take on larger and more lucrative projects. This not only fuels business growth but also improves their market reputation with clients and vendors.

A strong credit history, established through participation in the smart credit program, can also enhance their financial profile, making it easier to secure future funding and financing options.

The program is a testament to Mistry.Store’s commitment to supporting the building industry. By offering innovative financial solutions, guaranteed product quality, and a streamlined procurement experience, Mistry.Store will empower building professionals to achieve greater success in their projects.

For professionals, the program is easy to sign-up for, and they can start enjoying its benefits immediately. After sign-up, Mistry.Store will assist professionals to set-up credit limits with partner institutions.

Vaibhav Poddar, Cofounder of Mistry.Store, states “By enrolling in the Smart Credit Program, professionals can achieve significant growth. We project an increase in profit margins by 8-10% and business scaling by 2x-3x. With a higher credit limit, professionals can take on more prominent projects and experience exponential business expansion.”

The Smart Credit Program also presents a compelling opportunity for NBFCs (Non-Banking Financial Companies) to open up the thriving interior professionals’ space for credit. Partnering with Mistry.Store will help them onboard customers, mitigate risk with end-use control, offer exclusive benefits, and ensure credit line utilization.

This partnership presents a win-win situation for both parties.

Founded in 2022 by VaibhavPoddar and Bhanu Mahajan, Mistry.Store is a revolutionary platform dedicated to simplifying building material purchases for all building professionals. With affordable pricing, a vast product selection (8+ categories, 120+ brands), and a user-friendly experience, Mistry.Store streamlines the entire procurement process.

Mistry.Store is currently operational in Delhi-NCR, boasting a 20,000+ sq ft warehouse and sampling area. The company has already partnered with over 120+ brands and onboarded a remarkable 3,500+ professionals, solidifying its position as one of the leading platforms for the building industry.

Having secured $2.5 million in funding from prominent investors like Omidyar Network India, Waveform VC, and Bharat Founders Fund, Mistry.Store is poised for significant expansion. The company plans to leverage this funding to broaden its reach to new cities, further develop its end-to-end ecosystem for all building professionals, and create innovative technology solutions that empower both professionals and their customers.

India’s home interiors market is booming. It was valued at $23.2 billion in 2020 and is expected to grow to USD 38.2 billion by 2027.

Mistry.Store – Building a brighter future for all Building Professionals, one project at a time.

GoKwik, a leading eCommerce enabler has announced its acquisition of Return Prime, a global returns management app in the Shopify ecosystem.

Founded in 2021, Bengaluru-based Return Prime by Shashwat Swaroop provides a customer return platform for managing returns and converting them into revenue opportunities. Brands use the platform for automating return logistics, refunds, replacements, and more.

The acquisition marks GoKwik’s entry into the international markets of UK, Europe and the US besides cementing GoKwik’s position as the leading eCommerce enabler globally. It also opens new horizons for brands globally to use GoKwik’s set of solutions for furthering their growth.

As online shopping continues to grow, particularly in the wake of the COVID-19 pandemic, the ability to efficiently manage returns has become a key differentiator for merchants. With this acquisition, GoKwik is positioning itself at the forefront of this trend, offering a solution that not only improves the customer experience but also boosts the revenue of the merchants globally, while also helping them increase the customer lifetime value (CLTV).

“Our DNA is instilled with building in India for the world. With D2C booming, payments systems top-notch, digital infrastructure evolving, and more people shopping online than ever before, we’ve gained an incredible advantage. Operating in such a heterogeneous market where every day there’s a unique perspective on how shoppers function and what they want, the learning curve we’ve experienced has prepared us to not only help brands in India but also scale that knowledge for creating solutions globally,” said Chirag Taneja, Co-Founder and CEO, GoKwik.

He further added, “over the past three years, we have grown our product offerings to tackle challenges at their core, all with the goal of driving more GMV for our merchants. The acquisition of Return Prime is a big step in that direction, opening up the entire Shopify ecosystem to our solutions. We are excited about this new chapter and how we can now support eCommerce brands around the world, using everything we have learned along the way.”

With millions of merchants, Shopify is one of the largest eCommerce platforms in the world processing over $1 trillion lifetime GMV, with a strong presence in the US, UK, Australia and 170+ countries.
By acquiring Return Prime, which is trusted by thousands of merchants globally, GoKwik aims to add another layer of capability to its suite of solutions tailor-made for eCommerce brands. This acquisition will not only enhance GoKwik’s product offerings but also signal its intent to become a global player with a deep solution stack for eCommerce brands across the world.

Return Prime houses around 6000+ Shopify brands across 50+ countries currently. With the acquisition, GoKwik aims to onboard 10,000+ new merchants over the next 6 to 12 months, leveraging Return Prime’s technology and existing relationships to tap into new markets. This strategic push is expected to drive significant revenue growth, with GoKwik projecting a 3X increase in its overall business by the end of this year, and a 10X increase over the span of the next three years.

“At Return Prime, we’ve enabled eCommerce brands in the Shopify ecosystem to turn returns into revenue by simplifying and optimizing the returns process. With GoKwik’s extensive capabilities, we see an exciting opportunity to evolve our solution, add deeper layers of innovation, and help brands further boost their revenue. With our shared passion for building solutions that address the full spectrum of eCommerce, we’re looking forward to creating new avenues for eCommerce brands across countries to thrive,” added Shashwat Swaroop, Co-Founder, Return Prime.

GoKwik’s entry into international markets also comes at a time when the global eCommerce landscape is bustling with developments. Key Shopify players like Klaviyo in the US going public last year have proven that incredible businesses are being built globally for a secularly growing eCommerce. GoKwik uses best-in-class data, tech and AI/ ML capabilities to solve merchant problems by predicting customer intent. Combining these with Return Prime’s returns management competence, GoKwik is expanding its suite of solutions to meet the rapidly evolving needs of merchants.

With this acquisition, GoKwik now caters to over 10,000+ eCommerce brands. Notable brands in the GoKwik ecosystem include Mamaearth, Mosaic Wellness, Foxtale, Shoppers Stop, Libas, AdilQadri, Noise, Fireboltt, and more.