10club Raises $40M In One Of The Largest Seed Funding Rounds In India
10club, a Bengaluru-based startup and one of the early movers in the eCommerce roll-up space, has raised $40 million in seed funding, making it one of the largest seed funding rounds in the country.
Co-led by Fireside Ventures and an undisclosed international investor, the funding round also saw participation from HeyDay (a player in the roll-up space), PDS international, Class 5 Global, Secocha Ventures led by Sanket Parekh. boAt founders Aman Gupta and Sameer Mehta and several other global strategic investors also participated in the funding round.
As per the company, it will use the funds primarily for expanding 10club’s portfolio of brands, investing in building its technology stack, and for working capital purposes. Also, as part of the deal, Fireside Ventures partner Vinay Singh will join the company’s board.
Started in 2020 by Bhavna Suresh, Deepak Nair and Joel Ayala, 10club acquires e-commerce merchants who have built sustainable businesses on e-commerce marketplaces like Amazon and Flipkart and accelerates their growth.
Using its centralised platform model featuring market experts in-house, tech, processes, and playbooks, 10club works with the teams of acquired companies to help them grow 10x in size, unlocking growth for these businesses and helping them achieve scale.
Speaking on the development, Bhavna Suresh, Co-founder and CEO of 10club, said,
“We have already built our foundational pillars of the centralised platform with a strong leadership team, a partner ecosystem and an operational playbook to deliver high performance. The potential to catalyse the entrepreneur, scale their business and thereby build a formidable portfolio under the 10club umbrella is immense. This funding will enable us to expand our portfolio and bring about transformational changes for the businesses we acquire.”
10club is now focusing on working with select entrepreneurs and helping them to grow their business. The company has also signed LOIs worth $15 million and will push to operate these businesses in the coming weeks.
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