Bengaluru-based e-commerce startup FirstClub has raised $23 million in a Series A round, taking its valuation to $120 million, just three months after launching its consumer app. The round, which was 90 percent equity and the remainder debt, was co-led by Accel and RTP Global, with participation from Blume Founders Fund, 2am VC, Paramark Ventures, and Aditya Birla Ventures. This follows the company’s $8 million seed round in December 2024 at a $40 million valuation.
Founded by former Flipkart executive Ayyappan R in late 2024, FirstClub is positioning itself against India’s crowded quick-commerce market by focusing on premium and exclusive selections rather than delivery speed. The startup currently operates four “clubhouses,” or dark stores, in Bengaluru, offering 4,000 curated stock-keeping units across groceries, fresh produce, dairy, and packaged foods. Around 60 percent of its products are exclusive, selected after blind testing by consumer panels.
The model is showing traction. Average order values stand at ₹1,050, roughly double that of mainstream quick-commerce rivals such as Blinkit and Instamart. Repeat purchase rates are around 60 percent, with the customer base skewing 70 percent female and concentrated in households earning over ₹15 lakh annually. To maintain its positioning, the platform restricts checkouts below ₹199.
With fresh capital, FirstClub plans to expand to 35 dark stores in Bengaluru before moving into new cities. The company also intends to diversify into children’s nutrition, pet food, home essentials, and nutraceuticals, while piloting cafés that will serve freshly prepared items. Longer term, the startup aims to replicate premium retail experiences similar to Costco and Whole Foods for Indian consumers.
FirstClub currently employs 185 people, including a 75-member operations team, and is building its own supply chain to back its quality-first approach.
