Powerhouse91, one of the early entrants into the e-commerce roll-up play in India, was launched in early 2021 by serial entrepreneurs Shashwat Diesh and Aqib Mohammed. The company’s business model relies on identifying high-potential consumer brands, acquiring, and scaling them through growth capital, shared resources and deep e-commerce focused optimizations.
In a statement, Nikhil Agrawal, Co-Founder Powerhouse91, said, “We are glad to have Crossbeam Venture Partners join us in our journey towards building the next big thing in Indian e-commerce. The team at Crossbeam has seen this ecosystem evolve from its formative stages and we see this partnership as a significant addition to our execution capabilities over and above the capital contribution.”
“With their approach stemming beyond not only acquiring brands to also growing them, Powerhouse91 is building a strong playbook to scale the Indian e-commerce ecosystem,” said Ali Hamed, General Partner at Crossbeam said in a statement.
Following the seed funding, Powerhouse91 intends to continue growing its acquired brands. Its co-founder Shashwat Diesh further, in a statement said, “We intend to utilise the funds to further identify 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.”