The momentum of funding in e-commerce roll-up new companies based on the Thrasio model continues. After around about six investments in this space this year, GOAT Brand Labs has now scooped up $36 million in its maiden institutional round from Tiger Global Management, Flipkart Ventures and Mayfield.
The Series A round likewise saw participation from Nordstar, Better Capital and several angels including Virendra Gupta, Sujeet Kumar, Ranjan Pai and Suhail Sameer.
While the organization didn’t provide a breakup of the deal, sources aware of the development said that it is parted equally between equity and debt.
GOAT Brand Labs was launched by Rishi Vasudev, former Flipkart’s executive who headed Flipkart’s Fashion and Myntra and Jabong for more than five years. Before venturing into his new startup, he led Lifestyle International for around a year.
Like other new companies in this space, GOAT Brand Labs will likewise acquire D2C brands which sell their items in e-commerce marketplaces like Flipkart and Amazon. The organization is in advanced conversations with somewhere around 10 brands for procurement and is looking for brands in fashion, beauty, personal care, and home and kitchen spaces.
GOAT Brand Labs would compete with the hyper-funded competition, for example, GlobalBees, Mensa Brands and 10club followed by other new entrants including Evenflow and Powerhouse91. GlobalBees, founded by industry veterans Supam Maheshwari and Nitin Agarwal, had raked in the largest Series A round raised by an Indian startup.