Powerhouse91, the tech-driven company that acquires growing e-commerce brands in India, on June 30 said it raised an undisclosed amount in a seed round from Crossbeam Venture Partners.
Powerhouse91, which is backed by Snapdeal founder Kunal Bahl's Titan Capital, acquires successful e-commerce brands and grow them through its experience in online selling that is spread across spaces like supply chain, marketing product, and technology.
"We intend to utilise the funds to identify further 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," co-founder Shashwat Diesh said.
Founded by Diesh and Aqib Mohammed in early 2021, Powerhouse91 follows the successful model of American unicorn Thrasio, which has caught on in India.
The founding team has an e-commerce background and has worked in companies like Snapdeal, Ola, and Oyo.
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 making a solid playbook to scale the Indian e-commerce ecosystem. We are excited to be part of the process.
Powerhouse91 will continue to grow its acquired brands to a significant scale following its seed round. The firm competes with 10club, another Thrasio-based model that recently raised $40 million in a seed round.The so-called Thrasio model involves acquiring fast-growing online-first brands and build a portfolio of such names.