One of Amazon’s leading aggregator of private companies has set aside $500 million for an expansion into one of the world’s fastest ecommerce markets: India.
The Massachusetts-based startup has said it has acquired consumer goods brand Lifelong Online for an undisclosed value to help with the push.
Lifelong Online’s product categories include kitchen, home, health care and lifestyle.
Thrasio was one of the pandemic’s winners, capitalising on Amazon’s increased business as bricks-and-mortar retail closed its doors.
The company, alongside others, started purchasing up small merchants that sold their goods on Amazon’s international marketplace with the ambition of turning them into global brands.
According to figures from Marketplace Pulse, the Amazon marketplace generated $300 billion in sales in 2020, with shops selling everything from cooking appliances to toys.
“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,” Thrasio chief executive officer Carlos Cashman said in the statement.
So far, Thrasio has acquired over 200 brands and raised over $3.4 billion in capital and plans to continue expanding globally, with India firmly in its sights.
Thrasio rivals with other aggregators, or ‘roll up’ companies including Mensa Brands, Global Bees Brands.