The new funds will be used to expand operations and grow all seven acquired homegrown brands.
New Delhi: House of Brands Evenflow 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, a release by the company said on Tuesday.
A bridge round is an interim financing round intended to keep the company afloat until the next, larger financing round.
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.
“We are excited to utilize this capital for our people and growth, and ultimately prepare for an IPO by the end of 2027,” said Utsav Agarwal, chief executive officer (CEO), of Evenflow.
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. 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.
