Three-year-old Amazon aggregator startup Thrasio has raised more than $1 billion in a new funding round led by Silver Lake. Existing investors including Upper90, PEAK6 Investments and Corner Capital also participated in the round.
The US-based startup, founded in 2018 by Joshua Silberstein and Carlos Cashman, acquires top-rated and fast-growing sellers on Amazon and provides them with technology, digital marketing, and sales chops to accelerate growth. It claims that it is the largest acquirer of Amazon FBA (Fulfillment by Amazon) brands that compete with top household names.
Thrasio will use this funding to continue acquiring promising brands - both domestically and internationally - while expanding distribution through additional channels.
While the company has established itself in countries like the UK, Germany, China and Japan over the last year, it plans to expand to India and explore other online retail platforms, said co-founder and chief executive officer Carlos Cashman in an interview to Bloomberg. The news agency pegged its valuation at over $5 billion.
Thrasio had $500 million revenue and $100 million in profit last year and is now set to have $1 billion in revenue.
Last month Thrasio announced a $650 million debt facility via JPMorgan Chase & Co. The firm raised its last funding in July 2020, at a valuation of $1 billion and reportedly has raised this round at over $5 billion.
Moneycontrol earlier reported on how Thrasio-style startups have taken the Indian startup and venture capital by storm, with 10 players including Global Bees Mensa Brands, 10 Club, Powehouse91 among others raising $300 million.
Moneycontrol also reported in October that Mensa Brands, started by former McKinsey partner and Myntra CEO Ananth Narayanan is in talks to raise funds at a billion-dollar valuation, less than six months after it launched.
Mensa is building a house of brands by acquiring online sellers in the apparel, home appliance, personal care, and beauty space, similar to Thrasio.