What Evenflow does

Evenflow Brands Tech Pvt Ltd is a Mumbai-headquartered, Thrasio-style e-commerce brand aggregator founded in 2021 by former Uber executives Pulkit Chhabra and Utsav Agarwal. The company acquires small consumer brands that sell primarily on Amazon and scales them across additional e-commerce marketplaces, operating a "house of brands" portfolio spanning baby care (BabyPro), sustainable products (Rusabl), sports & fitness (Xtrim), home & kitchen (Frenchware, Cingaro, Trendy Home), and consumer goods (Vifitkit, Yogarise). Each acquired brand reportedly generates an annual run rate between $500,000 and $2 million, and Evenflow acquires them at EBITDA multiples with performance-based earn-outs spread over multiple years to limit upfront capital risk.

The company's business model is transaction-based: revenue is generated through the consolidated sale of acquired brands on marketplaces, with Evenflow contributing capital, marketplace operations expertise, and cross-region distribution. Its core technology stack is not publicly disclosed, and there is no indication of proprietary software, AI/ML, or platform-as-a-service components being marketed externally. Operational infrastructure is spread across India, the United States, and MENA, enabling acquired brands to be expanded beyond their original single-marketplace footprint.

Evenflow has raised approximately $14 million in cumulative funding across rounds from Equanimity, Village Global, Venture Catalysts, 9Unicorns, and angel investors. The April 2025 $5 million Series A led by Venture Catalysts supports continued acquisition activity and international expansion. The founders have publicly disclosed a 2027 IPO target tied to 10x revenue growth and 6x profit growth ambitions. Customer concentration is structural: revenue depends on a small set of acquired brands (currently eight), each individually material to overall performance.

Name

Evenflow

Legal name

Evenflow Brands Tech Pvt Ltd

Website

https://evenflowbrands.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Evenflow is a Mumbai-based Thrasio-style e-commerce brand aggregator founded in 2021 that acquires and scales small consumer brands selling on Amazon and other online marketplaces across India, the US, and MENA, targeting an IPO by 2027.

Ownership category

akta.pro rank

Product category

E-commerce Brand Aggregation

NAICS

Warehouse Clubs, Supercenters, and Other General Merchandise Retailers (45521)

SIC

Retail-Variety Stores (5331)

akta.pro primary industry

Marketplace Enablement, Seller Tools & E-commerce Infrastructure (BPAMAGAK)

akta.pro secondary industry

Mass-Market Multi-category (1P/3P) Marketplaces (CRAFAAAA)

Keywords

• E-commerce brand aggregation
• Marketplace brand scaling
• Consumer brand acquisition
• Brand portfolio management
• Cross-border marketplace retail

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Supply Chain, Technology or R&D

Revenue model

1. E-commerce brand aggregation: Evenflow acquires stakes in consumer brands and scales them on e-commerce platforms, generating revenue through increased sales of acquired brands. Brands have annual run rates between $500,000 to $2 million each.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels1 record

Core offering

Evenflow acquires and scales third-party consumer brands that primarily sell on e-commerce marketplaces such as Amazon, then expands them across multiple marketplaces in India, the US, and MENA. The company operates a Thrasio-style roll-up aggregation model, providing acquired brands with capital, operational expertise, and multi-marketplace distribution capabilities. As of the input, Evenflow had completed eight acquisitions across categories including home & kitchen, baby care, sports & fitness, and sustainable products.

Product overview

Evenflow is a Thrasio-style e-commerce rollup platform and 'house of brands' that acquires and scales third-party seller brands on major e-commerce marketplaces. The company operates as a unified platform acquiring brands in categories including home & kitchen, baby care, sports & fitness, sustainable products, and baby-proofing. Evenflow has acquired eight brands (Vifitkit, Yogarise, Frenchware, Cingaro, Xtrim, Rusabl, BabyPro, and Trendy Home), initially focused on Amazon before expanding to other marketplaces. The acquired brands operate across India, US, and MENA markets, with the company planning to grow its multi-brand portfolio and prepare for an IPO by 2027.

Differentiator

Problem solved

Functional benefit

Products and services

• BabyPro

Quantifiable outcome

• 8 acquisitions completed in 8 months
• +3 more outcomes

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• UpScalio: India-based e-commerce brand aggregator acquiring Amazon-first consumer brands and scaling them across marketplaces. Same roll-up playbook and India base as Evenflow.
• Thrasio: The original US-based Amazon brand aggregator; Evenflow explicitly describes itself as 'Thrasio-style'. Direct model benchmark despite Thrasio's well-documented 2023-2024 financial stress, which sets the bar Evenflow must clear.
• SellerX: Berlin-based e-commerce aggregator acquiring and scaling Amazon FBA brands globally. Direct peer in the roll-up model with international (Europe + US) footprint that overlaps Evenflow's cross-border ambitions.
• GlobalBees: India-based Thrasio-style e-commerce aggregator that acquires and scales consumer brands on Amazon and other marketplaces. Closely comparable to Evenflow in model, geography, and category mix (home, beauty, baby).
• 10club: India-based Thrasio-style aggregator acquiring and operating consumer brands on Amazon India and US marketplaces. Highly comparable on acquisition cadence and target categories.
• Mensa Brands: India-based house of brands aggregator founded by Ananth Narayanan, acquiring and scaling D2C and marketplace-native consumer brands. Directly comparable on business model and target geography.

Others

• Helium 10: SaaS platform providing tools for Amazon sellers (research, listing optimization, keyword tracking). Not an aggregator but an enabling vendor whose tools Evenflow's portfolio brands rely on for marketplace execution.

Emerging players

• Boosted Commerce: US-based Amazon brand aggregator with a narrower, more selective acquisition approach. Comparable on roll-up model and Amazon-centric distribution; smaller portfolio than Evenflow.
• Powerhouse91: India-based emerging e-commerce aggregator with a similar brand-acquisition model focused on Amazon-native consumer brands. Earlier stage than Evenflow but with overlapping target set.

Broad incumbents

• Berlin Brands Group: Large European brand aggregator owning 25+ consumer brands across home, audio, and outdoor categories. Comparable on roll-up model at materially larger scale; serves as an upper-bound benchmark for Evenflow's category breadth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries8 records

Funding overview

Funding rounds5 records

Investors17 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Evenflow