Powerhouse91, the tech-driven startup focused on acquiring and growing ecommerce brands in India, announced on Wednesday that it has secured undisclosed seed funding from US-based venture capital firm Crossbeam Venture Partners. supports companies of the next-generation economy, and has backed similar major players in the US market.
Launched in early 2021 by serial entrepreneurs Shashwat Diesh and Aqib Mohammed, Powerhouse91 is one of the early entrants into the ecommerce roll-up play in India.
The company identifies high-potential consumer brands, as well as acquires and scales them through growth capital, shared resources, and deep ecommerce-focused optimisations.
According to the official statement, Powerhouse91 intends to continue growing its acquired brands to a significant scale. Powerhouse91 Co-founder Shashwat Diesh said, “We intend to utilise the funds to further identify and acquire high-potential consumer brands. Additionally, a significant chunk of the investment will go towards building the technical capabilities required to operate and scale the multiple consumer brands running under our portfolio.”
On closing the fundraise, Nikhil Agrawal, Co-founder and Chief Corporate Development Officer at Powerhouse91, said,
"We are glad to have Crossbeam Venture Partners join us in our journey towards building the next big thing in Indian ecommerce. The team at Crossbeam has seen this ecosystem evolve from its formative stages and we see this partnership as a significant addition to our execution capabilities over and above the capital contribution."
Nikhil Agarwal, Co-founder and Chief Corporate Development
Commenting on the investment, Ali Hamed, General Partner at Crossbeam, said,
"We see great potential in Powerhouse91 and the brand they are building. With their overall approach stemming beyond only acquiring brands to also growing them, Powerhouse91 is building a strong playbook to scale the Indian ecommerce ecosystem, and we are excited to be part of the process.
Focused on the themes of platform economies, fintech, and legaltech, Crossbeam is built to back companies of the next generation economy and future small businesses.
Edited by Kanishk Singh
Link : https://yourstory.com/2021/06/powerhouse91-seed-round-crossbeam-venture-partners
Author :- Trisha Medhi ( )
June 30, 2021 at 02:13PM
YourStory