Active Stocks
Fri Sep 22 2023 15:58:38
  1. Tata Steel share price
  2. 126.7 -0.86%
  1. HDFC Bank share price
  2. 1,529.2 -1.57%
  1. State Bank Of India share price
  2. 598.1 1.67%
  1. Power Grid Corporation Of India share price
  2. 199.1 -1.34%
  1. Tata Motors share price
  2. 621.1 -0.93%
Business News/ Companies / Start-ups/  UpScalio invests in accessories brands

BENGALURU : UpScalio, a venture that funds and manages e-commerce brands, has invested an undisclosed sum in auto accessories brands Autofurnish, Destorm, Urban Lifestylers and MotoTrance, the company said.

The brands sell car foot mats, car body covers, vertical channels, and bike body covers on Amazon and Flipkart.

UpScalio aims to boost the brands’ annual revenue rate to 100 crore by leveraging their direct-to-consumer websites, entering newer markets, and forming new partnerships, the company said in a statement on Monday.

It forayed into the premium consumer appliances market with its investment in kitchen appliances brand Hestia last month. The latest investment marks UpScalio’s fourth deal. It previously invested in Green Soul Ergonomics Polestar, Trase and Hestia.

UpScalio provides funds to digital brands selling products on e-commerce marketplaces such as Amazon, Myntra, Flipkart and Nykaa. It manages the critical operations of portfolio brands, including marketplace management, digital marketing, branding, logistics, sourcing, finance, and business operations.

UpScalio was founded by Gautam Kshatriya, a former consultant with McKinsey & Co.; Saaim Khan, a former consultant at Bain & Co. and former Purplle executive Nitin Agarwal. It plans to scale the digital brands’ business by 5-10x, providing a full exit to the entrepreneurs over time. It has a team of 50 specialists across functions to facilitate these brands to upscale businesses and plans to double the team to 100 by the end of the year.

In a November interview, Kshatriya said, “We are open to businesses across e-retail, but we like businesses that are utility-oriented and functional in nature. We look at businesses that are less perception-oriented... We would love to invest in a Trase kind of company, as it makes functional or orthopaedic footwear. Segments we are less interested in are fashion and beauty as they are largely driven by consumer tastes."

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Anuj Suvarna
Anuj Suvarna covers startups and venture capital. He writes about funding and acquisitions in VCCircle. When not writing about the Indian startup ecosystem, he likes to read non-fiction books, spend time with his pets (dad to 2 dogs and a cat) and go on treks. Previously, Anuj ran a restaurant consulting business and a bar in his hometown of Udupi.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Updated: 06 Dec 2021, 11:34 PM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App