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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.

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.

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.

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.

Gully Labs raises Rs 8.7 Cr in seed round led by Zeropearl VC

EntrackrEntrackr · 1m ago
Gully Labs raises Rs 8.7 Cr in seed round led by Zeropearl VC
Medial

Gully Labs raises Rs 8.7 Cr in seed round led by Zeropearl VC Sneaker brand Gully Labs has raised Rs 8.7 crore in a seed funding round — comprising Rs 7.6 crore in equity and Rs 1.1 crore in venture debt. The equity round was led by Zeropearl VC along with participation from Untitled Ventures, Atrium Ventures, and other prominent angel investors including Bounce co-founder & CEO Vivekananda Hallekere, Suhasini Sampath, Nishchay AG, Renee Cosmetics founder Ashutosh Valani, Anurag Ramadasan, and Rahul Seth, while Stride Ventures led the debt investment. Prior to this, the company had secured Rs 1.1 crore in equity during its pre-seed round in 2024. The fresh capital will be deployed towards diversifying the product mix, expanding sales channels, and opening physical retail stores, Gully Labs said in a press release. Co-founded in 2023 by Arjun Singh and Animesh Mishra, Gully Labs crafts handmade sneakers, blending premium materials with culturally rich design stories — from Phulkari-embroidered trainers to Onam-inspired silhouettes. Gully Labs sells its products through its website and in select partner stores across Indian metros. The company plans to build a larger production facility, broaden its product line across diverse sneaker styles, and deepen its reach across India and global markets. It also plans to launch exclusive retail outlets as part of its omni-channel strategy.

IPO-bound Ola Electric raises $50 Mn debt from EvolutionX

EntrackrEntrackr · 1y ago
IPO-bound Ola Electric raises $50 Mn debt from EvolutionX
Medial

Ola Electric has raised Rs 410 crore (approximately $50 million) via non-convertible debentures from EvolutionX. The board at Ola Electric has passed a resolution to issue 41,000 NCD (non-convertible debentures) at an issue price of Rs 100,000 each to raise Rs 410 crore, its regulatory filing sourced from RoC shows. This is the second debt financing for Ola Electric in the last six months. In October 2023, it received $385 million in a funding round mix of equity and debt from Temasek-led marquee investors and the State Bank of India (SBI). According to startup data intelligence platform TheKredible, the firm has raised more than $1 billion across equity and debt and was valued at $5.4 million during the last round. ET reported the development first. Ola Electric has been working on its lithium-ion cell manufacturing facility with an initial capacity of 5 gigawatt hours in phase I which will be further scaled up in phases to 100 gigawatt hours at full capacity. Besides focusing on electric scooters, the firm has also introduced its motorcycle line-up scheduled to be launched by the end of this year. In December 2023, Ola Electric filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) to raise Rs 5,500 crore ($660 million). As per the company, it will utilize the primary proceeds for the expansion of the capacity of its cell manufacturing plant, repayment or pre-payment of the indebtedness, investment into research and product development, and general corporate purposes. Ola Electric is the second IPO-bound company that raised debt financing in recent times. Last week, fintech firm MobiKwik raised Rs 50 crore ($6 million) in debt from BlackSoil Capital. Entrackr exclusively reported the development. Temasek-backed EvolutionX has backed notable companies like Udaan, Mensa Brands, PharmEasy and LendingKart.

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