Thrasio Holdings Inc, an aggregator of private brands on Amazon, on Friday announced that it has set aside nearly Rs 3,750 crore to acquire leading digital-first brands in India. The Walpole, Massachusetts-based startup forayed into Indian market with acquisition of Lifelong Online, a leading domestic online consumer brand, for an undisclosed sum.
“We couldn’t be more excited to work with Lifelong Online and, together, take our proven model to India,” said Carlos Cashman, CEO of Thrasio.
“In addition to acquiring and growing digital-first businesses, we plan to participate in the ‘make in India’ movement by transitioning the manufacturing for some of our products to the country,” Cashman said.
India is one of the fastest-growing regions for Amazon’s third-party marketplace, making it enticing for aggregators, This enormous opportunity, combined with the success of leading acquirers, has fuelled a rise in start-ups created under the rubric of the “Thrasio model”, the company said in a statement.
Founded in 2018 by Joshua Silberstein and Cashman, Thrasio has a portfolio of tens of thousands of products. The platform thrives on brands that sell on Amazon. The company collaborates and acquires them. So far, the company has closed in over $3.4 billion funds and acquired more than 200 brands. Thrasio’s foray into Indian market comes at a time when homegrown start-ups are also bullish on brand-aggregation with intense competition brewing between companies such as Mensa Brands, GlobalBees, among others.
The announcement is a major step in the company’s evolution journey, bringing with itself a huge opportunity for the online sellers, said Thrasio CEO Carlos Cashman in a company statement.
According to the most-recent list from Marketplace Pulse, adding all of the Thrasio brands together, Thrasio would be a top-5 seller on Amazon’s marketplace. In fact, Thrasio estimates that 1 in 6 US households has already purchased a Thrasio product via Amazon alone.