Goat Brand Labs has raised $50 million in new funding as the Indian direct-to-consumer brand aggregator looks to acquire more premium brands and help them scale globally.
Winter Capital, Vivriti Capital, 9Unicorns, Venture Catalysts and Oxyzo funded the Bengaluru-based startup’s Series A funding, which included a portion of the capital raised as debt. The new funding follows Goat raising $36 million last year from numerous investors including Tiger Global, Flipkart Ventures, Mayfield and Better Capital. Most of these investors participated in the new round.
Goat Brand Laboratories — founded by Rishi Vasudev, a former Flipkart exec, and Rameswar Misra, who previously founded menswear brand Turms and served as senior vice president of women-centric apparel e-commerce marketplace Voonik — operates in the same space as Thrasio, the Boston-based startup is widely credited with the success of this model.
Goat Brand acquires lifestyle brands and helps them scale globally. These brands typically have “good consumer connections, Instagram followers, direct sales with their own websites or platforms like Shopify, Myntra, and Ajio,” Vasudev told TechCrunch.
Goat acquires brands that typically generate annual sales in the $2 million to $10 million range, he said. The startup says its team brings operational expertise to the lifestyle category, helping them grow two to three times a year while becoming profitable.
In its last year of operation, it has acquired 15 brands, including celebrity-style Label Life, costume jewelery Voylla, Indian clothing trueBrowns & Abhishti, children’s clothing Frangipani, and beauty and skincare platforms Neemli and Nutriglow.
The startup plans to use the fresh funds to acquire several more premium brands. It’s currently in advanced discussions with 12 brands, Goat Brand Labs said.
“Our journey to take Indian D2C brands global has only just begun. We are fortunate to work with great founders and continue to learn and build skills in this rapidly changing environment,” said Vasudev. “I welcome our new investors and the strong support from our existing investors in this funding round. We will continue to acquire high potential D2C brands in the lifestyle segments and scale them to tremendous results.”
Numerous entrepreneurs are trying to find better e-commerce models worldwide. Many investors believe that Amazons and Flipkarts laid the railroads for the world’s digital commerce, but that smarter, more profitable businesses can be built on top of them. Other startups operating in India in this space are Mensa, Global Bees, EvenFlow Brands, 10cluband Powerhouse91.
Goat Brand Labs, a house of D2C brands in India, raises $50 million – TechCrunch Source link Goat Brand Labs, a house of D2C brands in India, raises $50 million – TechCrunch