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Ecommerce roll-up firm GOAT Brand Labs acquires Frangipani

IndianStartupNewsIndianStartupNews · 1y ago
Ecommerce roll-up firm GOAT Brand Labs acquires Frangipani
Medial

Mumbai-based e-commerce roll-up firm GOAT Brand Labs has acquired the remaining stake of founders in children's nightwear and loungewear brand Frangipani, aligning with terms initially outlined during the majority acquisition in 2021. Frangipani offers children's nightwear and loungewear, gaining recognition for its kidswear products. The acquisition aims to boost Frangipani's growth in India and international markets, with GOAT Brand Labs providing digital marketing, technology support, working capital management, and distribution expansion. GOAT Brand Labs acquires and scales direct-to-consumer (D2C) brands and has a portfolio of around 20 brands, backed by global investors like Tiger Global and Flipkart.

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Tiger Global-backed GOAT Brand Labs scales over 8X in FY23

EntrackrEntrackr · 1y ago
Tiger Global-backed GOAT Brand Labs scales over 8X in FY23
Medial

D2C brand aggregator GOAT Brand Labs secured $50 million in funding as part of its Series A round at the onset of FY23. The funding powered the company to an over eightfold growth during that period. GOAT Brand Labs’ revenue from operations surged 746% to Rs 139.6 crore in FY23 from Rs 16.5 crore in FY22, its annual financial statements filed by the group company in Singapore show. GOAT is a marketplace roll-up platform that acquires direct-to-consumer (D2C) brands and scales them with its expertise. The company has around 19 subsidiaries under its portfolio and has done a bunch of acquisitions since its inception, including Abhishti, Doggie Dabbas, Frangipani, Hipkoo The Label Life, Voylla, and Leafy Tales. The sale of products from its acquired brands is the primary source of revenue of GOAT Brand Labs. It also made Rs 17.98 crore from non-operating activities, taking the total income to SGD 25.5 million or Rs 157.6 crore in FY23. For the D2C brand aggregator, the cost of procurement of products formed 25% of the overall expenditure. This cost surged 6X to Rs 61 crore in FY23 from Rs 10 crore in FY22. Its employee benefits, selling and marketing, finance, legal/professional and other overheads catalyzed the overall expenditure by 395% to Rs 237.87 crore in FY23 from Rs 48 crore in FY22. See TheKredible for the detailed expenditure. Expense Breakdown Total ₹ 48.02 Cr https://thekredible.com/company/goat-brand-labs/financials View Full Data To access complete data, visithttps://thekredible.com/company/goat-brand-labs/financials Total ₹ 237.87 Cr https://thekredible.com/company/goat-brand-labs/financials View Full Data To access complete data, visithttps://thekredible.com/company/goat-brand-labs/financials Cost of sales Selling and marketing Finance cost Employee benefits Administrative & others To check complete Expense Breakdown visit thekredible.com View full data Notably, the company invested SGD 11.31 million (Rs 70 crore) including in the acquisition of the brand where it spent SGD 10.62 million (Rs 65.6 crore) during FY23, according to the cash flow statements filed by the group company in Singapore. The growth in marketing and employee benefits led to an increase in losses by 158% to Rs 80.28 crore in FY23 from Rs 31 crore in FY22. Its ROCE and EBITDA margins stood at -25% and -22%, respectively. FY22-FY23 FY22 FY23 EBITDA Margin -161% -22% Expense/₹ of Op Revenue ₹2.91 ₹1.70 ROCE -12% -25% On a unit level, it spent Rs 1.70 to earn one rupee in FY23. GOAT Brand Labs has raised over $87 million to date across rounds. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder followed by Flipkart and Mayfieled India. Head to TheKredible for the complete shareholding pattern. At a time when D2C brands face the prospect of showing a viable bottomline over topline, GOAT Brand Labs will also have to face up to the same challenge soon. While it has just about hit its growth straps, going ahead, it will be under pressure to show growth momentum can overtake momentum on expenses comfortably. Not doing so will not impact just valuations, but viability as well.

Evenflow raises bridge round, eyes public listing by 2027

EntrackrEntrackr · 9m ago
Evenflow raises bridge round, eyes public listing by 2027
Medial

E-commerce roll-up platform Evenflow has raised an undisclosed amount in a bridge round from serial entrepreneur Shail Patel and some existing investors as part of its ongoing $5 million Series A round. The funds will be used to expand operations and grow its seven acquired homegrown brands — Xtrim, Yogarise, Rusabl, BabyPro, Trendy Homes, Cinagro, and Frenchware. The company aims to increase these brands’ global presence by entering new markets. This fundraise follows recent efforts to strengthen supply chain, marketplaces, D2C, and quick commerce, with new appointments and the elevation of Shashank Ranjan to co-founder. Evenflow operates in India and the U.S., claiming 350% growth on marketplaces like Amazon, Flipkart, CRED, Zepto, and Instamart. The company has outlined a long-term plan to increase revenue by 10X and profits six-fold by 2027. However, these projections may be challenging to achieve, as many roll-up platforms face scaling difficulties. In a media statement, co-founder and CEO Utsav Agarwal shared that the firm aims to prepare for an IPO by the end of 2027. Ecommerce roll-up companies were hot in 2021 and the space also delivered two unicorns —Mensa and Globalbees in the year along with 10club which raised $40 million in one of India’s largest seed rounds. However, the euphoria subsided with the wind up of global posterboy Tharasio and tougher funding environment. As a result, funding for these firms sharply declined over the past two years, from $540 million in 2021 to $70 million in 2022, $78 million in 2023, and $39 million in the current calendar year. While some, like Mensa, secured additional debt, GlobalBees and Goat Brand Labs took over 24 months to do so. 10club shifted focus to consumer brands, and Powerhouse91 and Upscalio haven’t raised funds in over two years. Amazon aggregator Thrasio faced near bankruptcy but recently emerged from Chapter 11 and appointed Stephanie Fox as its new CEO.

GlobalBees raises $18 Mn in debt from Avendus

EntrackrEntrackr · 1y ago
GlobalBees raises $18 Mn in debt from Avendus
Medial

E-commerce roll-up firm GlobalBees has raised Rs 150 crore or $18 million in a debt round from Avendus. This is the third debt round for the Delhi-based firm since its inception in 2021. The board at GlobalBees has passed a special resolution to issue 1,500 non-convertible debentures at an issue price of Rs 10,00,000 each to raise Rs 150 crore or $18 million, its regulatory filing sourced from the Registrar of Companies shows. The company will use these proceeds towards the working capital requirements and to meet general corporate expenses, the filings added. The non-convertible debentures have an annual coupon rate of 14.5%. Roll-up startups like GlobalBees partner with online-first entrepreneurs, scaling D2C businesses globally and in India. They focus on brands with $1-20 million in revenue, offering capital and support in marketing, supply chain, R&D, and operations. GlobalBees had raised over $270 million to date including its $111 million Series B round which made it a unicorn in December 2021. The company was last valued at around $1.12 billion. Notably, Series A and Series B also had debt components of $75 million and $30 million respectively. According to the startup data intelligence platform TheKredible, FirstCry along with Supam Maheshwari holds 55.6% in GlobalBees while Chimetech Holding, Premji Invest, and Lightspeed command 12.8%, 6.95%, and 6.57% respectively. During the fiscal year ending March 2023, its standalone revenue from operations surged 3.4X to Rs 65 crore whereas the company’s losses spiked two-fold to Rs 6 crore in the same period. GlobalBees competes with the likes of Mensa Brands, GOAT Brand Labs, Evenflow, Upscalio and Powerhouse91. Mensa Brands posted a revenue of Rs 1,317 crore with a loss of Rs 329 crore in FY23. Upscalio recorded a revenue and loss of Rs 216 crore and 78 crore loss respectively in FY23. Mensa also raised $76 million in debt across two tranches in 2023.

Exclusive: Redcliffe Labs acquires Celara Diagnostics for $7 Mn

EntrackrEntrackr · 9m ago
Exclusive: Redcliffe Labs acquires Celara Diagnostics for $7 Mn
Medial

Omnichannel diagnostics service provider Redcliffe Labs is set to acquire Celara Diagnostics, marking the company’s second acquisition in the diagnostics space this year. The board of Redcliffe Labs has passed a resolution of approval for the acquisition of shares of Celara Diagnostics Pvt Ltd for an amount not exceeding Rs 60 crore ($7 million). Bengaluru-based Celara Diagnostics offers comprehensive diagnostic services in radiology and pathology. Its advanced facilities include MRI, CT scans, ultrasonography, and specialty services in neurology, cardiology, and gastroenterology. The company reported Rs 25 crore revenue and Rs 1.5 crore profit in FY23. Its FY24 results are yet to come. In March, Redcliffe Labs’ founder Dheeraj Jain said that the company aims to acquire labs with strong financial performance to boost its cash flow and profitability. Earlier this year, Redcliffe Labs-owned Medicentre acquired Kota-based Prime Sonography & Diagnostic Centre for an undisclosed amount. The latest acquisition follows Redcliffe Labs’ recent $42 million Series C fundraise led by the Denmark-based investment firm IFU. The company plans to deploy the funds towards opening more labs and collection centers while expanding its presence in the tier II and III cities. The firm also roped in Ankur Shah, former CFO of Careem, as an independent director, and Alka Saxena, who previously worked with Health Care at Home and Dr. Lal PathLabs, as the new CFO. Redcliffe, a competitor to PharmEasy-owned Thyrocare, Healthians, 1mg, and Dr. Lal PathLabs, recorded a revenue of Rs 347 crore in FY23, while incurring a loss of Rs 345.6 crore. It hasn’t filed FY24 financials yet.

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