10Club secures $40 million in seed funding
By MYBRANDBOOK
10Club, the e-commerce roll-up firm, has raised an amount of USD 40 million in its seed funding round which is co-led by Fireside Ventures and an international investor active in the space. The company said it is one of the largest seed capital rounds in the country for e-commerce roll-up brands.
HeyDay a leading player in the roll-up space, PDS International, Class 5 Global, Secocha Ventures led by Sanket Parekh, boAt founders Aman Gupta and Sameer Mehta in their individual capacity and several other global strategic investors participated in the round.
As per the company, the funding will be used for expanding 10Club's portfolio of brands, investing in building its technology stack, and for working capital purposes.
"This funding from our international partner, who comes with a great understanding of this model globally, and Fireside Ventures, which has successfully championed building many consumer-focused brands, is an important milestone in 10Club's journey. Having HeyDay participate in the round also gives us the opportunity to learn from operators," 10Club co-founder and CEO Bhavna Suresh said.
Vinay Singh, Fireside Ventures partner, will join the company’s board. 10Club partners with e-commerce product sellers in India by acquiring their businesses and working with their teams to help them grow 10 times in size, according to the statement.
"This funding will enable us to expand our portfolio and bring about transformational changes for the businesses we acquire," Suresh. The 10Club team has engaged with hundreds of sellers across specific product categories to understand the motivations, challenges, and opportunities that exist in the market, the statement said.
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