PE-VC Fund Investments
Quick commerce co. FirstClub raises $23-M led by Accel, RTP Global
Quick commerce startup FirstClub has raised USD 23 million in a funding round led by existing venture capital investors Accel India and RTP Global, who had also co-led the previous round. Other existing investors Blume Ventures and 2am VC also invested in this round, which also drew new backers Paramark Ventures and Aditya Birla Ventures.Following this funding round, which was about 90% equity and the rest debt, the company’s valuation now stands at USD 120 million.The company plans to deploy the new funds towards opening new dark stores in Bengaluru, rolling out formats like cafes and daily subscriptions, expanding into new categories, hiring talent, and investing in brand building.Launched in June of this year by former Cleartrip executive Ayyappan R., FirstClub provides a curated range of mass-premium products spanning food, FMCG, fresh produce, fruits and vegetables, bakery, dairy, packaged foods, and nutrition, delivered within 30 minutes. It has expanded to four dark stores in Bengaluru and plans to scale up to 35 in the next six months. The company raised USD 8 million in December last year.
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