Indian ecommerce enabler comes out of stealth mode, raises $42.5m

Indian ecommerce enabler UpScalio has emerged from stealth mode, announcing that it has bagged US$42.5 million in its series A round.

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The funding round was led by Presight Capital and an unnamed global hedge fund, with participation from Heliad Equity Partners, MPGI, 468 Capital, and Whiteboard Capital. It also saw commitments from a consortium of lenders, including OfBusiness, InnoVen Capital, and Alteria Capital.

UpScalio partners with digital-first brands that sell on ecommerce marketplaces including Amazon, Flipkart, Myntra, and Nykaa, and helps them scale their profits by providing funding and key operations for partner-businesses such as digital marketing, branding, logistics, and sourcing.

UpScalio claims its services can help companies grow their profits by 5x to 10x.

Founded by former McKinsey & Company consultant Gautam Kshatriya, former Bain & Company consultant Saaim Khan, and former Disney Hotstar and Purplle marketing and growth executive Nitin Agarwal, UpScalio has built a team of over 50 people across functions. The company aims to double its head count by the end of the year.

See also: $20m in sales with no funding: How a Singapore baby ecommerce brand did it

The Indian startup’s business falls under the Thrasio-style model. It’s a relatively new model in the country, but several players have popped up leveraging the approach in a short period of time.

Mensa Brands, GOAT Brand Labs, GlobalBees, and 10Club are some of the other companies that share a similar business model in the country. GOAT Brand Labs raked in US$36 million in a series A funding round led by Tiger Global last month. Meanwhile, Mensa bagged US$50 million, and 10Club banked US$40 million.