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Former Cleartrip CEO’s FirstClub Bags $8M to Disrupt Quick Commerce in India

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Former Cleartrip CEO’s FirstClub Bags $8M to Disrupt Quick Commerce in India

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. 

Continue Exploring: Sneaker Platform Culture Circle Raises $2M

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.

Continue Exploring: Bhuvan Bam Joins Peppy as Investor and Co-Founder

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. 

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Bhuvan Bam Joins Peppy as Investor and Co-Founder

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Bhuvan Bam Joins Peppy as Investor and Co-Founder

Popular influencer and actor Bhuvan Bam has joined the popular sexual wellness brand Peppy as an investor and cofounder. 

The fast emerging brand was founded by entrepreneurs Devansh Agarwal and Shyamal Gupta last year. Currently valued at INR 50 crores, it plans to raise more money in the seed round. 

Bhuvan Bam Explains His Association with Peppy

Explaining the reasoning behind his association with the brand Bam said: “For me, Peppy represents an opportunity to drive a much-needed change in how sexual pleasure is perceived in India. While society has made significant changes in many areas, the taboo surrounding physical intimacy continues to hold people back.”

Continue Exploring: Mumbai-based activewear brand Terractive raises INR 8 Cr in Pre-Series A funding

He continued: “It prevents open and honest discussions on personal needs, highlighting the crucial need for creating spaces where open conversations can happen”. The angel investors included Bam, Rohit Raj, founder and CEO of BBKV Productions and Ruchi Gupta, among others. 

The Booming Sexual Wellness Market 

The global sexual wellness market is booming, with a projected value of $32.5 billion by 2033, according to Allied Market Research. This represents a 4.7% annual growth rate from 2024 to 2033, starting from a $20.6 billion valuation in 2023.

Continue Exploring: ITC aims for 4,000 FPOs, connecting 10 Mn farmers in next five years

India is also experiencing significant growth in this sector. The market, valued at $1.15 billion in 2020, is expected to reach $2.09 billion by 2030.

Founder Devansh Agarwal further opined: “Intimate wellness has often been brushed under the rug in India, but we cannot deny the fact that a fulfilling sex life is a crucial part of our overall happiness and well-being. With Bhuvan and Rohit’s signature creativity and knack for connecting with people, we’re breaking barriers and normalizing conversations around pleasure. Peppy is not just about products; we’re about revolutionizing the way India thinks about intimate happiness”. 

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Sneaker Platform Culture Circle Raises $2M

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Sneaker Platform Culture Circle Raises $2M

Sneaker centric e-commerce platform Culture Circle has raised $2 million in funding in a round led by Info Edge Ventures. Angel investors also participated in the same. 

This capital would be super useful for the startup to scale its operations globally, enhance technology and solidify its position as a rising e-commerce player. 

Culture Circle’s Expanding Footprint 

Culture Circle operates a luxury e-commerce platform which boasts more than 3,500 sellers and 35 lakh listings. Apart from sneakers it also deals in streetwear and luxury fashion items like bags, blazers, backpacks, cardholders, among others. 

Continue Exploring: Titan Company premiumizes watch line, base price now INR 3,000

Major brands that the platform deals in are Nike, Yeezy, Dior, Supreme, Common Projects, and Louis Vuitton. Based in Delhi NCR, the company recently expanded its operations in foreign jurisdictions including Qatar, Oman, the UAE, Singapore, the UK, and Thailand. 

Founder Devansh Jain Naval told Inc42: “When we launched the platform in January this year, our goal was to be the best in India for sneakers, streetwear, and high luxury. We believe we achieved that. Now, our benchmark is to be the best globally – offering the largest collection, best prices, and guaranteed authenticity. We’re competing with global players like StockX and GOAT, and honestly, our user experience is arguably better (than them)” 

The Expanding Business of Culture Circle

Currently, sneakers and footwear make up the bulk of the startup’s revenue, contributing 60%. Apparel follows at 30%, and accessories round out the remaining 10%. The startup operates on an inventory-free model, earning commissions of 9% to 30% on every sale made through its platform.

Continue Exploring: D2C baby care brand Chicco to open 40 outlets in India by 2027, doubling turnover

Nawal shared that Culture Circle generated Rs 2.2 crore in revenue during its first three months of operation in early 2024. The startup is now aiming to achieve a revenue of Rs 50 crore for the entire fiscal year 2025.

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Tech Titans Unite: Elon Musk and Sundar Pichai Discuss Quantum Innovation and Space Exploration

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Tech Titans Unite: Elon Musk and Sundar Pichai Discuss Quantum Innovation and Space Exploration

Two of the brightest minds in technology had a hearty exchange about major issues including quantum computing, space exploration, and future energy solutions. 

Musk seemed amazed with Sundar Pichai’s description of Google’s new Willow quantum chip that pushes boundaries of current technology. The exchange on X was fascinating and touched upon a broad spectrum of topics. 

A Fascinating Exchange between the Heads of Google & Tesla

Pichai posted an impressive description of Google’s new Willow quantum chip on X, and Musk responded with “wow”. To this, the Google CEO pitched a futuristic collaboration: “We should do a quantum cluster in space with Starship one day.” The Tesla CEO seemed confident in its inevitability: “That will probably happen”. 

Continue Exploring: KFC introduces ‘Lickable Wrapping Paper’, sets new standard for food brands!

The conversation flew on to a philosophical note, and Musk wrote ”Any self-respecting civilisation should at least reach Kardashev Type II. In my opinion, we are currently only at..”, Pichai seemed to be in complete agreement to this and he wrote: “We should scale solar so much more. Amazing that we keep looking at alternatives when the most obvious path is staring at our eyes, literally!”

Netizens Celebrate the Cordial Exchange 

This fascinating intellectual back and forth between the two titans of technology was celebrated by netizens, who loved the honest and friendly exchange between the two. 

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On the other hand Alphabet, saw its share price rise by about 5% following the announcement of its latest quantum computing chip, Willow. Google has been at the cutting edge of technological and computing innovation and this latest move seems to only reinforce its position as an industry leader. 

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Elon Musk Backs Trump’s Proposal for Expedited Permits, But Environmentalists Push Back

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Elon Musk Backs Trump’s Proposal for Expedited Permits, But Environmentalists Push Back

The president elect of the United States, Donald Trump announced a fascinating new scheme for investors and businesses. He said companies that invest $1 billion or more in the US would get fully expedited permits & environmental approvals. 

This proposal targets energy projects related to natural gas pipelines, export terminals, solar farms, and offshore wind turbines. 

President Elect Trump’s Exciting Proposal

Taking to X (formerly twitter), Trump said: “Anyone making a $1 billion investment in the U.S. will receive fully expedited approvals and permits, including, but in no way limited to, all environmental approvals.” He got a resounding approval from Tesla CEO Elon Musk. 

Continue Exploring: Elon Musk’s Tesla Considers Comeback to India, In Talks with DLF for Showroom Space

This comes across as a great relief to businesses who had been critical of the lengthy processes associated with environmental assessments mandated by the National Environmental Policy Act (NEPA). The agency is currently mandated to conduct analysis on the environmental impacts of proposed projects. 

Harsh Criticism from Environment Protection Groups 

However, President Trump’s plan was met with fierce opposition and resistance from environmental groups including Evergreen Action, a Washington-based organisation. They alleged that this move violates the NEPA and prioritises wealthy corporations over public welfare. 

Continue Exploring: Wrangler expands presence in India with six new stores, targets 60 in 2025

Alexandra Adams, chief policy advocacy officer at the Natural Resources Defense Council cautioned the President elect, arguing: “What if someone wants to build a waste incinerator next to Mar-a-Lago or a coal mine next to Bedminster golf course?” On the other hand, the proposal has its set of proponents like Musk who champion it as a great measure. 

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Meta’s Yann LeCun: The Real AI Revolution is Still Ahead, and Global Cooperation is Key

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Meta’s Yann LeCun: The Real AI Revolution is Still Ahead, and Global Cooperation is Key

 

A thought leader in AI & Meta’s Chief AI Scientist Yann LeCun opined that the real AI revolution is still yet to come. 

Speaking at the prestigious 2024 K-Science and Technology Global Forum in Seoul, hosted by South Korea’s science ministry, he gave several thought provoking remarks about the current state of AI and its future. 

The Future of AI & the Need for Global Cooperation 

In a riveting speech, he said: “The real AI revolution has not yet arrived, In the near future, every single one of our interactions with the digital world will be mediated by AI assistants”. He also warned against premature regulation of the AI industry which is in its early stages, warning that it could stifle innovation and creativity. 

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He also discussed how generative AI models like ChatGPT have their inherent limitations: “LLMs can deal with language because it is simple and discrete, but it cannot deal with the complexity of the real world”

On AI Governance and Regulation 

In answer to the aforementioned problem/ limitation, he talked about Meta’s research into a new AI architecture capable of observing and learning from the physical world. This could potentially revolutionise the AI landscape. 

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Advocating for Global AI collaboration and cooperation, he said” We can’t have a single entity somewhere on the West Coast of the United States train those models”. However, he warned about the dangers of excessive and premature AI regulation, “Regulation can kill open source”. He emphasised the need for avoiding restrictive laws and regulations that could stifle innovation. Concerns about the risks posed by AI should not hinder the development of Artificial Intelligence technologies. 

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No Grounds for Investigation: CCI Reportedly Clears Zepto, Blinkit, and Instamart

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No Grounds for Investigation: CCI Reportedly Clears Zepto, Blinkit, and Instamart

In a great relief to quick commerce giants Zepto, Blinkit and Instamart, the Competition Commission of India (CCI) reportedly hasn’t found grounds for investigation into their businesses. 

This is as no player in the quick commerce category prima facie holds a dominant position. 

Competition Commission of India Finds No Grounds for Investigation 

Sources told NDTV Profit that the Competition Commission of India (CCI) looked into the complaints against prominent 10 minute delivery companies and found no evidence of any wrongdoing. The commission is reportedly of the view that the segment is quite new and emerging and hence any interference by its part might stifle innovation. The CCI usually takes up cases suo moto, but has apparently declined to launch an investigation in this case as it doesn’t see any merit in the allegations against these firms. 

Continue Exploring: Elon Musk’s Tesla Considers Comeback to India, In Talks with DLF for Showroom Space

As aforementioned, the quick commerce domain is an emerging market and there are several players vying for lucrative market share, further no single player seems dominant right now. As such, the CCI isn’t moving forward with any investigation. 

Allegations of Predatory Pricing 

Earlier the All India Consumer Products Distributors Federation which represents four lakh retail distributors, had shot a complaint to DPIIT alleging predatory pricing on the part of quick commerce companies by offering deep discounts. 

Continue Exploring: Luxury jewellery brand Giva registers 66% revenue growth to INR 274 Cr

The department had then reportedly forwarded the complaint to the CCI which has now reportedly declined to launch an official investigation. 

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Amazon Takes on the Quick Commerce Boom with 15-Minute Delivery Service in Bangalore

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Amazon Takes on the Quick Commerce Boom with 15-Minute Delivery Service in Bangalore

Amidst the boom in quick commerce segment, Amazon is debuting with a 15 minute delivery service in the city of Bangalore in a few weeks. 

This was announced by the company’s senior vice president for India and emerging markets Amit Agarwal. 

Amazon’s Ambitious Debut in the Quick Commerce Market 

In an interview with ET, Agarwal explained: “Our goal remains the same, which is that we want to offer the largest selection of products to the largest customer base at the fastest speeds…we do recognise that our urban customer base is keen on getting a small selection of products, mostly everyday essentials, delivered faster”. Acknowledging the importance and significance of rapid delivery services, he discussed the macroeconomic implications of the same & Amazon’s strategy. 

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Not wanting to lose out on the quick commerce boom, Amazon had earlier announced that India would be the first market where they’d launch a 15-minute delivery service. Amazon reportedly plans to launch with 1000 to 2000 products in the quick delivery service in Bengaluru and then scale it to different cities of India. The same has been code named “Tez” internally. 

Rising Competition in the Quick Commerce Category 

Amazon’s highly anticipated foray into the quick commerce sector comes hot in the heels of Flipkart’s recently launched “Minutes” service. The category is however dominated by three players, namely: Zomato-owned Blinkit, Swiggy Instamart, and Lightspeed-backed Zepto. 

Continue Exploring: India’s Retail Boom Drives Mall Vacancy Drop to 8.3%

The competition in the segment is heating up with new entrants like BigBasket’s BB Now and Reliance Retail’s Jio Mart.

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Paytm’s Vijay Shekhar Sharma: Only AI-Focused Startups Will Thrive in the Future

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Paytm’s Vijay Shekhar Sharma: Only AI-Focused Startups Will Thrive in the Future

Paytm founder and CEO Vijay Shekhar Sharma opined that startups that are not working on technologies that can replace humans in workflow would get left behind. 

Speaking at the Rising Rajasthan Global Investment Summit, Sharma offered compelling insights into the future of AI adoption and its implications on the broader economy. 

Paytm Founder Opines on AI 

When asked if his company Paytm is looking into technologies that would replace humans in the workflow, he said: “We will need to hire more … to provide technology support. Technology companies will become stronger with the adoption of tech”. 

Continue Exploring: FirstCry narrows loss to INR 62.85 Cr, revenue jumps 26.7% 

He emphasised the fact that startups that are not actively looking into technologies that would replace humans in the workflow would not stick around in the long run. AI, he believes would eventually replace humans in a lot of fields. He continued: “If you are not building a startup that removes the obligation of a human’s workflow, you’re not building a company that will be surviving after five years”. 

AI’s Impact on the Economy 

On the impact of AI & it’s future, Sharma said: “Machines will take care of processes and systems that typically humans do. Most ambitious person in this room will take an ambition of removing 100 thousand people off the load of the work. That is the power of AI that you are expecting. If you are not building for that then you are building mediocre stuff”

Continue Exploring: Flipkart to create 600 jobs with new FSC centre in Indore

The entrepreneur gave several thought provoking remarks about AI’s future descriptive effects on the economy and society that are sure to be food for thought for people in India and abroad. 

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Zepto HR Chief Martin Dinesh Gomez Resigns from Position

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Zepto HR Chief Martin Dinesh Gomez Resigns from Position

Zepto’s chief human resource officer (CHRO) Martin Dinesh Gomez has reportedly resigned from his position at the quick commerce company. 

An 11 year veteran at Amazon, Gomez had been with Zepto for less than a year. He has previously been associated with Thomson Reuters, Microsoft, and Accenture. 

Zepto Leadership Shake-Up as Gomez Departs

A source familiar with the matter told Moneycontrol: “Martin is currently serving his notice period and will leave Zepto in a few weeks. In the interim, Aadit Palicha (co-founder and CEO) is handling HR operations and is involved with the hiring and other related tasks. 

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CEO Palicha & Zepto’s Chandan Mendiratta would together be taking on the responsibilities formerly held by Gomez. Mendiratta was with Zomato heading the brand marketing unit, before he joined Zepto. He now holds several key leadership positions in the company. 

Martin Dinesh Gomez Joins a Growing List of Key Executives Leaving Zepto

Several important position holders in the startup have left the company in recent months & Martin Dinesh Gomez’s resignation comes as the latest in a series of departures. 

Continue Exploring: IndiaMART strengthens ties with Mobisy Tech, focuses on SaaS market

A while back Manik Oberoi, former VP, Growth and Retention at Zepto left the company and, earlier Viral Jhaveri, ex chief business officer and chief growth officer had quit his position. Additionally, Ashish Shah, former Senior Vice President (SVP) of Finance also left the organisation. 

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