Powerhouse91 Raises Undisclosed Amount In Seed Round From Crossbeam Venture Partners
- ByStartupStory | June 30, 2021
Power house 91 tech-driven startup aims on acquiring and growing ecommerce brands in India, announced that it has undisclosed seed funding from US-based venture capital firm Crossbeam Venture Partners. Crossbeam supports companies of the next-generation economy, and has backed similar major players in the US market. Power house 91 was launched in early months of 2021 by Shashwat Diesh and Aqib Mohammed. The company identifies high-potential consumer brands, as well as acquires and increases scalability through shared resources, growth capital, and deep ecommerce-focused optimizations.
According to the official statement, Powerhouse91 intends to continue growing its acquired brands to a significant scale. Powerhouse91 Co-founder Shashwat Diesh said, “We intend to utilise the funds to further identify and acquire high-potential consumer brands. Additionally, a significant chunk of the investment will go towards building the technical capabilities required to operate and scale the multiple consumer brands running under our portfolio.”
Ali Hamed, General Partner at Crossbeam, said, “We see great potential in Powerhouse91 and the brand they are building. With their overall approach stemming beyond only acquiring brands to also growing them, Powerhouse91 is building a strong playbook to scale the Indian ecommerce ecosystem, and we are excited to be part of the process.” Focused on the themes of platform economies, LegalTech and fintech Crossbeam is focusing on building companies for the next generation economy and future small businesses.
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