Bengaluru-based e-commerce startup FirstClub has raised $23 million in a Series A round, valuing the company at $120 million, just three months after launching its consumer app. The round, structured as 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 comes on the heels of its $8 million seed round in December 2024, which pegged the startup at a $40 million valuation.
Founded in late 2024 by former Flipkart executive Ayyappan R, FirstClub differentiates itself from India’s crowded quick-commerce market by prioritising premium and exclusive selections over speed of delivery. Operating four “clubhouses” or dark stores in Bengaluru, the platform offers around 4,000 curated SKUs across groceries, fresh produce, dairy, and packaged foods—60 percent of which are exclusive, chosen after blind consumer testing.
The premium positioning is reflecting in metrics: average order values at Rs. 1,050 are roughly double those of Blinkit and Instamart, while repeat purchases stand at 60 percent. Its customer base is 70 percent female, with a concentration in households earning over Rs. 15 lakh annually. To maintain exclusivity, the platform restricts orders below Rs. 199.
With the new capital, FirstClub plans to scale to 35 dark stores in Bengaluru before expanding to other cities. It also aims to diversify into children’s nutrition, pet food, home essentials, and nutraceuticals, while piloting cafés serving freshly prepared items. Long-term, the company seeks to replicate premium retail experiences akin to Costco and Whole Foods for Indian consumers.
FirstClub employs 185 people, including a 75-member operations team, and is building its own supply chain to reinforce its quality-first approach.
