Razor & Perch Merge in $1.7B E-Commerce Power Play Amid Aggregator Shakeup
Strategic Merger and $100M Funding Round
Just days after Thrasio’s high-profile bankruptcy, two major e-commerce aggregators are joining forces in a bold consolidation move. Berlin-based Razor Group has acquired U.S. compe***** Perch while simultaneously securing $100 million in new funding led by Presight Capital.
Key deal highlights:
- Combined enterprise value of $1.7 billion
- Approximately $400 million in long-term debt (maturity >4 years)
- Debt restructuring included in deal terms
The Aggregator Landscape Shifts
This merger arrives during significant turbulence in the e-commerce aggregation sector:
- Follows Thrasio’s Chapter 11 filing after raising $3B
- Continues trend of roll-up consolidation (Perch previously acquired Web Deals Direct; Razor absorbed Stryze and Factory 14)
- Reflects ongoing investor confidence despite sector challenges
Ownership Structure
- Perch investors (including SoftBank, Spark Capital, Victory Park) retain ~33% stake
- Razor backers (L Catterton, BlackRock, Upper90, etc.) control ~66%
- Razor’s valuation grows from \(1.2B (2023) to \)1.7B post-merger
Why Investors Remain Bullish
Despite sector headwinds, the aggregator model retains compelling advantages:
✔ Economies of scale for marketplace sellers
✔ Enhanced product development capabilities
✔ Data-driven consumer insights
✔ Streamlined supply chains
“We’re founder-led, which is critical in this market cycle,” emphasized Razor CEO Tushar Ahluwalia. “Our focus on agile supply chains and customer-centric technology sets us apart.”
The Road Ahead
Razor Group now positions itself as:
- Market leader in e-commerce aggregation
- Bottom-line profitable (unlike many compe*****s)
- Targeting $1 billion revenue within 4-8 quarters
- Implementing Asian-inspired C2M (consumer-to-manufacturing) models
“We’ve seen the writing on the wall early,” Ahluwalia noted. “Our capital efficiency and consolidation strategy position us for long-term success.”
This deal signals that while the e-commerce aggregation model faces challenges, strategic operators with strong fundamentals continue to attract significant investment.
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