"While quick commerce in India has become synonymous with 10-minute deliveries - and the hottest play for startups and investors - FirstClub is taking a slower, more curated route. Yet just three months after launching its app, the eight-month-old startup has tripled its valuation."
"E-commerce in India - the world's second-largest shopper base - has surged to approximately $60 billion in gross merchandise value (GMV) and is expected to grow at 18% annually, reaching $170-$190 billion by 2030, per a recent Bain & Company report. Nearly one in every ten retail dollars in India is projected to be spent online by the end of the decade."
FirstClub raised $23 million in a Series A at a $120 million post-money valuation, co-led by Accel and RTP Global with participation from Blume Founders Fund, 2am VC, Paramark Ventures, and Aditya Birla Ventures. The round comprised more than 90% equity and the rest in debt. The startup previously raised an $8 million seed round at a $40 million valuation in December. E-commerce GMV in India is about $60 billion and is expected to grow to $170–$190 billion by 2030. FirstClub targets roughly 20 million premium households with curated products, launched in June, and operates four Bengaluru dark stores stocking over 4,000 curated SKUs.
Read at TechCrunch
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