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E-commerce firm UpScalio invests in four auto-accessories brands

E-commerce firm UpScalio invests in four auto-accessories brands
E-commerce firm UpScalio invests in four auto-accessories brands

Gurgaon-based ecommerce startup, UpScalio has reportedly made investments in four auto-accessories brands- MotoTrance, Autofurnish, Urban Lifestylers, and Destorm. The brands sell products such as car foot mats and car body cover as well as bike body covers on Flipkart and Amazon.

With this investment, the startup has marked its fourth investment deal since its inception in April this year.

The firm says that it aims to increase the brand’s annual revenue to Rs. 100 crores ($13.2 million) by leveraging its direct-to-consumer website as well as entering new markets and forming partnerships.

UpScalio follows a Thrasio-style model where it provides funding to e-commerce brands, sold on various platforms like Flipkart, Myntra, Nykaa, and Amazon, and also manages their critical and business operations such as marketplace management, branding, logistics, digital marketing, sourcing, and finance.

The startup was founded by Gautum Kshatriya, former consultant at McKinsey & Co., Saaim Khan, former consultant at Bain & Co., and Nitin Agarwal, former Purplle executive, with aim of upscaling business of various digital brands by 5-10X, and providing a full exit to entrepreneurs over the time.

Currently, the company consists of a team of 50 specialists for various functions to assist brands under them in upscaling their business and plans to double the number before the end of the year.

Previously, the company had invested in Green Soul Ergonomics, known for ergonomic and gaming chairs, and Trase, known for travel-related bags and women’s footwear respectively. The firm has also recently entered the premium consumer appliance market with its investment in Hestia, a high-end kitchen appliance startup.

In a recent interview, Mr. Kshatriya stated that the company is interested in e-retail businesses, and prefers those that offer products that are utility-oriented as well as functional in nature.

Source Credit: https://www.livemint.com/companies/start-ups/upscalio-invests-in-accessories-brands-11638813534726.html

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.