M&A

M&A

E-comm aggregator Evenflow acquires sports and fitness brand Xtrim

Business Line  

Mumbai-based Evenflow Brands Tech Pvt Ltd, an aggregator of third-party sellers on e-commerce platforms, has acquired Xtrim, a Chennai-based sports and fitness brand. This is Evenflow's third acquisition within a month, after baby brand BabyPro and online sustainable products seller Rusabl. Founded by former Uber executive Utsav Agarwal in 2021, Evenflow is a “Thrasio style” consumer brands aggregator that acquires online sellers in the range of USD 200,000-1.5 million per brand. It acquired Xtrim for an upfront amount based on EBITDA multiple valuations and performance earn-outs over three years. Founded by Asghar Ali and Sathish Kumar in 2016, Xtrim is a digital-first brand selling sports, fitness, and outdoor accessories such as gym gloves, joint wraps and belts. The company also has a manufacturing unit, which is not part of the acquisition.

From the Venture Intelligence PE-VC Deal Database: In Jun-21, Evenflow had raised funding from Equanimity Investments.