Flipkart Mafia-backed quick commerce startup FirstClub eyes top 10% Indians, gets $8 mn funding boost

Former Flipkart executives-run e-commerce omnichannel retailer FirstClub aims to tap into the top 10 per cent of India's population, people with annual household income above ₹15 lakh, amid the e-commerce industry boom, Moneycontrol reported on Thursday, December 12.

The company's founder, Ayyappan R, told the news portal that the platform will be for people who do not mind paying more money for premium products if they are of the highest quality. 

“These are the users, who will be willing to become FirstClub members, who don’t mind paying a 20-30 per cent premium for products if they get fresh produce which are of the highest quality,” Ayyappan R said.

FirstClub investors comprise 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 the Flipkart Mafia in the startup world.

The news portal YourStory reported that the startup has raised $8 million in seed funding from Accel and RTP Global to build its tech infrastructure and expand its team. The startup also raised investments from Blume Founders Fund, Quiet Capital, and 2am VC. 

The startup is an omnichannel retailer that aims to offer high-quality products like fresh fruits and vegetables, dairy, bakery, nutrition supplements, and health and fitness categories. The company is expected to go live by mid-2025 and is expected to deliver products in under 30 minutes, as per the report.

Firm to focus on premium retail 

“So far, existing players have focused either on very large selection, or on cheapest pricing or on fastest deliveries. The next level of evolution is going to be based on the quality of products that people are going to consume, which is where we will come in,” Ayyappan was quoted as saying in the report. 

For the first 12 months, the company will only focus on Bengaluru and then expand its operations to Delhi and Mumbai. FirstClub aims to open 10 dark stores and two offline stores that will be doubled up as experience centres as the company aims to operate as an omnichannel business, as per the report. 

“FirstClub is…addressing the growing demand for premium products and services. By focusing on unparalleled quality, convenience and trust, Ayyappan and his team are redefining what modern retail can deliver,” Barath Shankar Subramanian, Partner at Accel, told Moneycontrol.