Evenflow, a house of e-commerce brands has raised an undisclosed amount in a bridge round from serial entrepreneur Shail Patel and some existing investors as part of its ongoing $5 million Series A round.
The new funds will be used to expand operations and grow all seven acquired homegrown brands including Xtrim, Yogarise, Rusabl, BabyPro, Trendy Homes, Cinagro, and Frenchware. Evenflow plans to expand the global presence of these brands by entering more countries.
“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 in 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, Co-founder of Evenflow.
Adjavis Venture Limited is a personal care company set up in 2013 by Devendra Patel, ex-promoter of Paras Pharmaceuticals which was acquired by the British consumer goods major Reckitt Benckiser in 2010.
Shail Patel, Director at Adjavis Venture, 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.”
Founded in 2021, Evenflow has received funding from 100 unicorns, Village Global, Equanimity, Kunal Shah, Vijay Shekhar Sharma, Emil Michael, Sandeep Varaganti, Srinath Rajam, and many others in several rounds.
Currently, the brands are present in India and the US, and they have experienced a healthy 350 per cent growth by selling their products on online marketplaces, as per the company. Evenflow brands sell across various platforms such as Amazon, Flipkart, Cred, Zepto, Instamart, and others.
The new fund raise came in a week after, the Bengaluru-based startup Evenflow started to strengthen its leadership team with four key hires across supply chain, marketplaces, direct to consumer and quick commerce verticals, and a month after it promoted Shashank Ranjan as its co-founder, who had joined Evenflow in 2022.
