Evenflow, a marketplace for third parties wants to reach $1 billion by 2025

• ByStartupStory     |    October 21, 2022

By 2025, Evenflow Brands, an online marketplace for independent sellers, expects to generate Rs 1,000 crore in revenue from the sports and fitness brands Xtrim, Vifitkit, and Yogarise. 

The company claimed that since acquiring Xtrim in December of last year and Vifitkit and Yogarise in January of this year, its monthly growth rates on marketplaces like Amazon and Flipkart have exceeded 30%. 

Deval Shah, founding member, category management at Evenflow, stated, “In the previous six months, over a lakh customers have purchased Xtrim gloves, and quarter million have purchased yoga mats, with our sales touching as high as 20,000 yoga mats in a day during the recent festive sales.”

Over the next five years, “we want these brands to be the iconic sports labels, spanning across all categories, from gym accessories to yoga mats, from cycles to treadmills, not just in India but also in certain overseas countries.” 

With a CAGR of 9%, the sports-related goods industry in India is valued $15.3 billion. Since the start of Covid-19, India’s market for athletic apparel and gear has grown to include sports outside cricket. Additionally, sports like kabaddi, soccer, volleyball, hockey, and badminton are gaining popularity in India. It now hosts professional leagues in the majority of these sports, attracting players from around the world.

Evenflow claimed that despite experiencing significant tailwinds during the lockout, the sports and fitness category has since recovered. “The starting point has changed to a much higher figure. India is taking fitness more seriously, and not just in the larger cities but also in the tier 2, 3 and smaller ones “said Shah. 

Utsav Agarwal, a former executive at Uber and Glovo, founded Evenflow in 2021. The company has received funding from numerous sources, including 9Unicorns, Village Global, Equanimity, Kunal Shah, Vijay Shekhar Sharma, and many more. With operations in India and the US, it has purchased eight companies in the home & kitchen, sports & fitness, and baby care categories, and has grown them by more than 250% thanks to online marketplaces.

Evenflow is highly focused on marketplace third-party sellers and buys them at EBITDA multiples, in contrast to other Thrasio-style roll ups that concentrate on D2C brands.

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