Newsletter
FirstClub, a quick-commerce startup, has raised a $23 million Series A funding led by Accel and RTP Global.
The Bengaluru-based company aims to offer premium products to customers through its online platform. Currently it has four functional dark stores called ‘clubhouses’ to power its operations in Bengaluru.
The deets: the funding will triple FirstClub’s valuation to $120 million, just three months after its app launch. Fresh proceeds will be utilised to establish 35 new dark stores, expand product offerings like cafes and subscriptions, and foray into newer categories like household essentials, petcare, furnishings etc.
Why this matters: e-commerce demand in India is slated to grow from $60 billion in 2024 to reach $170-$190 billion in 2030. With competition from major players like Zepto, Blinkit, and Instamart only becoming more cut-throat, it will be interesting to witness how FirsClub’s bet on the premium segment will pan out.
