10club, a one-year-old Indian e-commerce marketplace aggregator developing a Thrasio-like model has raised US $40 million in one of the largest seed financing rounds in the South Asian market. Announced on June 29, 2021, the round was co-led by a prominent Indian investor in consumer and hardware tech, Fireside Ventures, and an undisclosed international investor. The round also featured participation from HeyDay, PDS International, Class 5 Global, Secocha Ventures, and founders of hardware startup boAt Sameer Mehta and Aman Gupta.
Purpose of the investment
The company plans to utilize the new capital raised to increase its portfolio of brands, develop its technology stack, and for working capital purposes.
Trends and growth in the industry
As part of the transaction, Fireside Ventures partner Vinay Singh will join 10club’s board. This development comes at a time when several Indian startups have secured funds to develop an e-commerce model, similar to that of US-based Thrasio (The world’s largest acquirer of third-party private label businesses on Amazon).
10club currently has a team of 20 individuals, including e-commerce experts from top companies like Flipkart, Amazon, Coca-Cola, Udaan, and Reliance. The company also revealed engagement with hundreds of sellers across specific product categories and is now focusing on working with select entrepreneurs to grow their business.
Insights of the stakeholders
According to co-founder at Fireside Ventures, Vinay Singh, “India and online-first brands are at the cusp of the next revolution. We, at Fireside, believe that both VC and acquisition-driven models will co-exist going forward and can turbocharge the growth of early-stage brands. Together with the team at 10Club, we will be able to drive this change and enable e-commerce entrepreneurs to realize the full potential of their brands.”
In the words of co-founder and CEO of 10club, Bhavna Suresh, “We have already built our foundational pillars of the centralized platform with a strong leadership team, a partner ecosystem and an operational playbook to deliver high performance. This funding will allow us to expand our portfolio and bring about transformational changes for the businesses we acquire. Having HeyDay participate in the round also gives us the opportunity to learn from operators.”
Company Profile
10club acquires, operates, and grows e-commerce first businesses. The company specializes in helping new e-commerce businesses by providing them with support related to the operation and actionable insights on where the business stands today and how to take it forward.
10club is devoted to helping e-commerce businesses that find it difficult to scale, allowing entrepreneurs to enjoy an exit and benefit from years of hard work. The startup ensures great businesses reach even greater heights very speedily. Founded in 2021 by Deepak Nair, Bhavna Suresh, and Joel Ayala, 10club has its headquarters in Bangalore, Karnataka, India.
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