Evenflow 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 USD 5 million.
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, 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.
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, 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.
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.
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