Evenflow Brands, an aggregator of third-party online sellers, has acquired four consumer brands in India, part of its wider strategy to significantly expand its reach, portfolio, and demand.
The acquisition includes two sports and fitness brands Vifitkit and Yogarise, Frenchware, a kitchen label, and Cingaro, a gardening brand – all with an annual run rate between $500k- $2 million. As part of the deal, the founders of Frenchware and Cinagro will also join Evenflow as consultants.
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” said Utsav Agarwal, Co-founder & CEO at Evenflow.
Last week, Thrasio, the US company which pioneered the model of acquiring private brands on Amazon.com and scaling them up, said it plans to invest $500 million in India as it sees the country becoming a significant market in the long term. Thrasio made its first acquisition in India by purchasing a majority stake in consumer durables brand Lifelong.
With sports, kitchen and gardening highly under-penetrated categories in the country, Evenflow plans to build them into strong brands in a market which is largely unorganized with a widening gap between market leaders and others.