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Thrasio-style startup UpScalio invests in four auto accessories brands
Photo Credit: 123RF.com

UpScalio, a Thrasio-style venture that finances e-commerce brands, has invested an undisclosed sum in four auto accessories brands - Autofurnish, Destorm, Urban Lifestylers, and MotoTrance, the company said in a statement on Monday. 

UpScalio aims to boost the brands’ annual revenue rate to Rs 100 crore by leveraging their direct-to-consumer (D2C) websites, foraying into newer domestic and overseas markets, and engaging in partnerships, the statement says.  

UpScalio forayed into the premium consumer appliances market with its investment in Kitchen Appliances Brand Hestia last month.

Established by Puneet Arora, Ruppal Wadhwa, and Chakit Khattar, these brands are manufacturers of car foot mats, car body covers, vertical channels, and bike body covers, with a presence across Amazon and Flipkart 

Arora has earlier worked with Birlasoft, Polaris, Solidcore Systems, and has over 18 years of experience. Wadhwa has over 15 years of experience in the manufacturing and trading of auto accessories, and Khattar has over 10 years of experience, working with Naaptol, Intex and LetsBuy.   

The investment marks UpScalio’s fourth deal. It previously invested in Green Soul Ergonomics Polestar,Trase, and Hestia.   

Founded in April 2021, UpScalio provides funds to digital brands selling on ecommerce marketplaces like Amazon, Myntra, Flipkart and Nykaa. It manages their key operations, including multi-marketplace management, digital marketing, branding, logistics, sourcing, finance, and business operations.     

The company was founded by Gautam Kshatriya, a former consultant with McKinsey & Company; Saaim Khan, a former Consultant at Bain & Company and former Marketing and Growth Executive at Purplle, Nitin Agarwal.     

The company plans to scale the digital brands’ business by 5-10x, providing a full exit to the entrepreneurs over time. It has a team of 50 specialists across functions to facilitate these brands to upscale their businesses, and plans to double the team to 100 by end of the year.     

In November, in an interview with VCCircle, Kshatriya said “We are open to businesses across e-retail, but we like businesses that are utility-oriented and functional in nature. We look at businesses that are less perception-oriented. So, we would love to invest, as we have, in ergonomic chair brands such as Green Sole”. 

“We would love to invest in a Trase kind of company, as it makes functional or orthopaedic footwear. Segments we are less interested in are fashion and beauty because they are largely driven by consumer tastes and trends that change very quickly,” he added.    

In August, UpScalio raised $42.5 million in a Series A funding round led by Presight Capital and an undisclosed global hedge fund.

In India, Mensa Brands, founded by former CEO of Myntra Ananth Narayanan, FirstCry-backed GlobalBees and Fireside backed 10Club, among others, have adopted a similar model.

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