2024-12-12 20:10:59 :
FirstClub, an e-commerce omnichannel retailer run by a former Flipkart executive, aims to tap into the top 10% of India’s population, that is, those with an annual household income higher than 10% $1.5 million, amid the boom in the e-commerce industry, Fund control Reported on Thursday, December 12.
The company’s founder Ayyappan R told the news portal that the platform will be targeted at people who don’t mind spending more for quality products.
“These users are willing to become FirstClub members and they don’t mind paying a 20-30% premium for the products if they get the highest quality fresh produce,” Ayyappan R said.
FirstClub’s investors include the founder’s former colleagues and angel investors such as Flipkart co-founder Binny Bansal, Myntra co-founder Mukesh Bansal, Groww’s Lalit Keshre and Curefoods’ Ankit Nagori. They are also known as Flipkart Mafia in the startup world.
news portal your story The startup has reportedly raised $8 million in seed funding from Accel and RTP Global to build out its technology infrastructure and expand its team. The startup also received investment from Blume Founders Fund, Quiet Capital and 2am VC.
The startup is an omni-channel retailer that aims to offer high-quality products in fresh fruits and vegetables, dairy, bakery, nutritional supplements, and health and fitness categories. According to reports, the company expects to go live in mid-2025 and expects to deliver products within 30 minutes.
The company focuses on high-end retail
“So far, the existing players have either focused on large selection or the cheapest price or fastest delivery. The next phase of development will be based on the quality of the product that people are going to consume and that’s where we will step in, “The report quoted Ayyappan as saying.
The company will focus solely on Bengaluru for the first 12 months before expanding to Delhi and Mumbai. FirstClub reportedly plans to open 10 dark stores and two offline stores, which will double as experience centers as the company aims to operate as an omni-channel business.
“FirstClub is… meeting the growing demand for quality products and services. By focusing on unparalleled quality, convenience and trust, Ayyappan and his team are redefining what modern retail can offer.” Barath Shankar, Partner, Accel Subramanian told Moneycontrol.
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