eCommerce aggregator Evenflow Brands has acquired sports and fitness supplement venture Xtrim, its third acquisition in the past three weeks, according to a BusinessToday.in report Thursday (Nov. 11).
Evenflow acquired Xtrim for an upfront amount based on multiple EBITDA valuations and performance earnouts over three years.
Founded this year by former Uber executives Utsav Agarwal and Pulkit Chhabra and headquartered in Mumbai, India, Evenflow is in the business of buying eCommerce merchants selling on marketplaces such as Amazon and Flipkart that are valued at $200,000 to $1.5 million.
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“The sports and fitness category has witnessed massive growth as people become more health-conscious and working-out-from-home is becoming the new normal,” said Chhabra, vice president of acquisitions at Evenflow.
Xtrim, founded in 2016 and in headquartered in Chennai, India, is a digital-first brand that sells sports and fitness equipment. While it also has a manufacturing unit, that is not part of the acquisition deal with Evenflow, per reports.
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With the acquisition of Xtrim, Evenflow is looking to develop a local brand for both Indian consumers and shoppers worldwide.
“We have a vision of building this into a top sports and fitness accessories brand on e-commerce, cutting across marketplaces, and launching new products with innovation targeted at the Indian consumer,” Evenflow CEO Agarwal said.
Evenflow said that it anticipates Xtrim will become India’s most popular Indian sportswear brand and experience 20 times growth by 2025 or 2026.
In the past three weeks, Evenflow also acquired babyproofing firm BabyPro and eco-friendly product company Rusabl.
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