GOAT Brand Labs raises $36 Mn from Tiger, Flipkart Ventures and others

The momentum of funding in e-commerce roll-up startups based on the Thrasio model continues. After around half a dozen 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 also saw participation from Nordstar, Better Capital and several angels including Virendra Gupta, Sujeet Kumar, Ranjan Pai and Suhail Sameer.

While the company did not provide a breakup of the deal, sources aware of the development said that it is split equally between equity and debt.

GOAT Brand Labs was launched by Rishi Vasudev, former Flipkart’s executive who had headed Flipkart’s Fashion along with Myntra and Jabong for more than five years. Before venturing into his new startup, he led Lifestyle International for about 12 months.

Like other startups in this space, GOAT Brand Labs will also acquire D2C brands which sell their products in e-commerce marketplaces such as Flipkart and Amazon. According to the company, it is in advanced discussions with at least 10 brands for acquisition and is looking for brands in fashion, beauty, personal care, and home and kitchen spaces.

GOAT Brand Labs would compete with hyper funded competition such as 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. 

Ananth Narayanan-led Mensa Brands also bagged $50 million in its first-ever investment round while 10club scooped up $40 million in its seed round.