Venture Capital

Powerhouse91 seed funding: Powerhouse91 secures seed funding from Crossbeam Venture Partners

Read more at economictimes.indiatimes.com

NEW DELHI: Powerhouse91 has secured seed funding of an undisclosed amount from US-based venture capital firm Crossbeam Venture Partners. Crossbeam supports companies of the next generation economy and has backed similar players in the US market.

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.

The founding team hails from an e-commerce background, having worked in companies like Snapdeal, Ola and Oyo and had previously built an online consumer brand, Azah, in the feminine hygiene category.

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.”

Read more at economictimes.indiatimes.com

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