Former Cleartrip CEO Ayyappan R has secured $8 million in seed funding for his quick commerce startup FirstClub. The seed funding round was led by venture capital firms Accel and RTP Global.
The said round also featured high profile investors including Flipkart founder Binny Bansal, Cred founder Kunal Shah, Myntra founder Mukesh Bansal, and Groww cofounder Lalit Keshre.
FirstClub Intends to be the Costco of India
The platform is said to go online sometime in mid 2025 in Bangalore. The CEO told ET: “We will probably have two-three experience centers in the first 12 months”. Dubbed as the “Costco for India” this ambitious venture will reportedly start with a subscription model. These funds will go into building the technology for the platform and for hiring talent.
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CEO Ayyappan told ET: “The next set of retail evolution and disruption in the country is going to happen on the back of the kind of selection you offer to the consumer, similar to what has happened in the western retail markets over the last 20-30 years”.
FirstClub’s Plan to Establish Itself
The platform would launch with an offering of mass premium products belonging to categories like food, FMCG, bakery, dry fruits, dairy, and health and fitness supplements, all delivered within 30 minutes. FirstClub also reportedly intends to have an offline retail presence & in the future expand to categories like general merchandise, fashion, home products, and kids’ toys.
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FirstClub’s foray into quick commerce comes amidst a slew of high profile firms taking the plunge into the space, chief of which would be Amazon’s quick delivery service launching in Bangalore.
