UpScalio, an e-commerce roll-up company, has raised $15 million in its pre-Series B round in a mix of debt and equity, led by UAE-based Gulf Islamic Investments (GII). Lenders including Northern Arc and Unity Bank also participated in the round.
This is GII’s sixth investment in India after backing companies like 1-India Family Mart and Bombay Shaving Company. GII had announced in 2021 that it will be investing $500 million across consumer brands, consumer technology and healthcare sectors in the Indian market.
This round of funding follows UpScalio’s Series A round of $42.5 million in August 2021, which was led by Presight Capital.
Founded in April 2021 by Gautam Kshatriya, Saaim Khan and Nitin Agarwal, UpScalio acquires majority stakes in high growth online-first brands and helps them scale their business by 5-10X over a period of two to three years, giving the founders an exit.
Gurugram-based UpScalio currently has a portfolio of 13 brands across utility categories including home and kitchen, furniture, auto accessories, lawn and gardening, among others. The company claims current annualized GMV (Gross Merchandise Value) of Rs 300 crore from its portfolio.