Gurugram-based UpScalio invests in D2C startup Green Soul Ergonomics
Gurugram-based startup UpScalio aims to grow Green Soul by 5-10x in the next few years, and plans to roll up at least 15 companies by early next year.
Tuesday October 19, 2021,
2 min Read
Gurugram-basedhas invested in , a gaming chair and furniture maker, in its first ever acquisition amid boom in the roll up startup space.
The Thrasio-like startup aims to grow Green Soul's business by 5-10x in the next few years, according to a statement shared by the company.
The five-year-old online furniture seller, established by Ravi Khushwani, claims to have sold 100,000 chairs in the last 12 months.
Gautam Kshatriya, Co-founder and CEO, UpScalio, said in a statement:
"As a category leader, Green Soul is an incredible addition to the UpScalio portfolio. We are highly impressed with Ravi’s depth of knowledge of this category and his desire to provide the best customer experience."
UpScalio, which has already invested in five online sellers, plans to invest in 15 new online sellers by early 2022, Gautam Kshatriya told YourStory in an earlier interaction.
Founded in March 2021 by former McKinsey & Co.'s senior manager Gautam; Nitin Agarwal, who was earlier at Purplle and Sarva; and former Bain and Co.'s Saaim Khan -- UpScalio acquires more than 50 percent stake in online sellers working across furniture, home, baby, and pet care, among other categories.
The acquisition comes at a time when not even a year old startups are racing to become unicorns. While Ananth Narayanan-founded Mensa Brands and First Cry-backed Global Bees are reportedly raising large chunks of capital, leading investors, including Chiratae Ventures, Lightspeed India Partners, and Fireside Ventures, remain extremely bullish about Thrasio-like startups.
UpScalio has so far raised $47.5 million from Presight Capital and others, within five months of being in business.
Edited by Megha Reddy