UpScalio, a Thrasio-style company that funds e-commerce brands, announced Monday that it has invested an undisclosed sum in NCR-based home and garden brand Truphe.
“The home and garden category in India has grown rapidly into a $900 million space, and we plan to capture a big chunk of it with Truphe,” said Saaim Khan, co-founder and director of the operation, UpScalio, in a statement.
UpScalio said it aims to grow Truphe into an annual recurring revenue (ARR) brand of Rs 50 crore over the next 1-2 years, according to the release. He will work on inventory regionalization, sourcing and brand marketing to scale the brand, he added.
Launched in 2015 by Honey Gupta, Truphe is a manufacturer and distributor of gardening tools, seeds, planters and other accessories. Prior to Truphe, Gupta founded a business-to-business (B2B) lead generation platform.
“I cast Truphe from a room in my house. In addition to operational expertise, I needed to partner with someone who understood the human side of our work. UpScalio ticked both of these boxes for us, and I strongly believe that their Truphe expansion strategy will achieve all of our shared goals,” said Honey Gupta, Founder of Truphe.
This is UpScalio’s ninth investment since its inception in June 2021. In December last year, UpScalio invested an undisclosed sum in four automotive accessory brands – Autofurnish, Destorm, Urban Lifestylers and MotoTrance. He previously invested in Green Soul Ergonomics Polestar, Trase and Hestia.
Upscalio was founded by Gautam Kshatriya, a former consultant at McKinsey & Company; Saaim Khan, former consultant at Bain & Company and former director of marketing and growth at Purplle, Nitin Agarwal. The company provides funds to digital brands selling on e-commerce marketplaces like Amazon, Myntra, Flipkart and Nykaa. She manages its key operations including multi-market management, digital marketing, branding, logistics, sourcing, finance and business operations.
The roll-up e-commerce company said it recorded more than Rs 210 crore in annualized revenue. It aims to acquire five more brands by the end of the 2021-22 financial year and forecasts a consolidated revenue rate of Rs 750 crore for the same period.
In August last year, 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 Myntra CEO Ananth Narayanan, FirstCry-backed GlobalBees and Fireside-backed 10Club, among others, have adopted a similar model.