FirstClub Bags $23 Mn in Series A for Dark Stores Expansion, Valuation Jumps to $120 Mn

Quick commerce platform FirstClub has raised $23 million in Series A funding round co-led by returning investors Accel and RTP Global. Some other investors, including Blume Founders Fund, 2 am VC, Paramark Ventures, and Aditya Birla Ventures also participated in this fundraise.

The funding round, which was closed within just three months of launch, values the platform at ₹1,050 crores. The start-up had also raised $8 million in its seed round in December last year.

It plans to use the fresh capital to fuel expansion, add 35 new dark stores in the next six months, and launch multiple fulfillment formats such as cafes and daily subscriptions. A chunk of capital will also be deployed to strengthen its hiring across engineering, operations, category management, and marketing.

At the same time, it is also eyeing new growth avenues, with plans to foray into segments like kids’ food, pet food, nutraceuticals, home care, gifting, and furnishings, in collaboration with domestic and international brands.

“Our early momentm – with 2x average order values versus any other platform in the category, 60% exclusive products, and high repeat rates – shows that India is ready for a new standard in retails,” said Ayyappan R, founder and CEO of FirstClub.

Founded in 2024 by former Cleartrip CEO Ayyappan, FirstClub positions itself as a member-first quick commerce player with a focus on premium products. Its catalogue spans over 4,000 SKUs, including packaged foods, fresh produce, bakery items, dairy, and nutrition.

Since its official launch in Bengaluru in 2025, the start-up has set up four dark stores and built a 185-member team. The platform said it will add more fulfillment centres over the next two months, aiming to cover the entire city ahead of Diwali.

“India’s next wave of commerce will not be defined by speed alone, but by the assurance of quality and trust. Consumers are becoming increasingly discerning about what enters their homes, and that shift creates a massive opportunity to reimagine everyday retail,” said Barath Shankar Subramanian, partner at Accel.

The start-up is also backed by some prominent angel investors including Binny Bansal (Flipkart), Kunal Shah (CRED), Mukesh Bansal (Myntra, Cult), Lalit Keshre (Groww), Ankit Nagori (Eatfit), and  Shrenik Ghodawat (Sanjay Ghodawat Group).