E-commerce roll-up firm Evenflow announced on late Thursday that it has acquired online sports brand Xtrim, which is based in the southern city of Chennai. The latest buyout marks Evenflow’s third acquisition in one month. Earlier this month it acquired baby brand BabyPro and Rusabl, the latter being daily brand in online sustainable category.
This is Evenflow’s first acquisition in fitness category. The company’s co-founder Pulkit Chhabra said in its official press release that Xtrim’s acquisition has been made in the wake of fitness market’s potential growth in the future. People becoming health conscious and work from home becoming the new normal augurs well for fitness market’s future growth, Mr. Chhabra added further.
Founded by former Uber Executive Utsav Agarwal, Evenflow is inspired by American style e-commerce roll-up startup Tharsio. Tharsio, which is currently valued around $5 Bn-6 Bn has given rise to new age industry. Tharsio acquires popular brands that are highly successful on Amazon. Post-acquisition, It further tries to scale their business and strives to earn more profit. Despite raising paltry funds, Tharsio is supposedly already a profitable startup. According to reports, the American startup is planning to foray into the Indian market.
Back in Indian, many clones of Tharsio style are emerging and trying to seize the first mover advantage in what is supposed to be a highly nascent market. Apart from Evenflow, Mensa and Goat Brands are other two startups that are trying infiltrate in this upcoming market. However, unlike Mensa and Goat Brands that are focused on acquiring fashion and lifestyle brands, Evenflow is seeking to acquire brands across different verticals.
Till date, Evenflow has raised $8,69000 in the seed funding round. Equanimity Investments and 9 Unicorns and other investors had participated in this round.