FirstClub Closes $8M Seed Round Led by Accel and RTP Global

Founded by Ayyappan R, former Flipkart Senior VP and ex-CEO of Cleartrip, FirstClub is a member-only retail platform offering curated premium merchandise

Bengaluru, INDIA, Dec 12, 2024: Accel and RTP Global today announced their investment in the $8 million seed funding round for FirstClub Technology Pvt. Ltd., the brainchild of Ayyappan R, former Senior VP at Flipkart, Chief Business Officer at Myntra and the erstwhile CEO of Cleartrip. This funding round also saw participation from Blume Founders Fund, Quiet Capital, 2am VC and 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).

FirstClub is on a mission to transform omnichannel retail in India by delivering a better retail experience that Indian consumers deserve. For long, access to the highest-quality fruits and vegetables has been limited, both in terms of variety and availability. FirstClub aims to change this by curating an unmatched selection of local and global products that balance premium quality with affordability. The platform will initially launch with packaged foods, fresh foods, bakery, dairy, nutrition, and supplements, catering to consumers who prioritize well-being and quality.

The vision for FirstClub is to become a quick commerce-first omnichannel retailer, leveraging offline experience stores to highlight the difference in the quality of its merchandise. The focus is on building trust and transparency, creating a platform that not only serves customers but also provides brands with a unique opportunity to connect with affluent households. By showcasing their offerings on FirstClub, brands can drive deeper engagement and access a discerning audience that values quality.

India’s evolving consumption landscape presents immense potential for premium retail experiences. With nearly 1.5 billion people, a significant portion of India’s population is entering the 25-45 age group, the key demographic driving consumption growth. Rising incomes and an expanding base of affluent households, projected to reach 80 million by 2030, have fueled the demand for premium products. Alongside this, increasing digital adoption and urbanization have shifted consumer preferences toward quality, convenience, and transparency.

The investment underscores investor confidence in Ayyappan’s vision to transform retail by delivering high-quality, curated premium merchandise designed to meet the needs of discerning Indian consumers. The funds will be utilized to build its technology infrastructure, refine an omnichannel retail strategy, onboard top-tier talent across critical functions, and expand the platform’s product offerings. The full platform is set to go live by mid-2025.

“India is often seen as a mass-market economy, but the time has come to unlock demand by providing access to high-quality, premium products at the right price. Our goal is to create a trusted platform that brings together the best of Indian regional specialties, international gourmet products, and innovative D2C brands. India deserves better and we’re here to empower Indian consumers, ensuring they never have to settle for less, but instead can enjoy the very best,” said Ayyappan R, Founder of FirstClub. “With the backing of Accel, RTP Global and other investors, we are excited to bring this concept to life and create a platform that celebrates the best of India and the world.”

Barath Shankar Subramanian, Partner at Accel, said: “FirstClub is reimagining the retail for India’s consumers by addressing their 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. With Ayyappan’s leadership and deep operational expertise, we’re excited to partner with FirstClub as they shape the next phase of retail for a rapidly evolving market.”

Nishit Garg, Partner at RTP Global, said: “At RTP Global, we have always believed in backing exceptional entrepreneurs who bring not just vision, but also the resilience and deep market understanding that comes from hands-on operational experience. Ayyappan is a prime example of this, leveraging his extensive background as an operator to craft a business that directly addresses evolving consumer needs. With FirstClub, he is pioneering a new approach to retail and we are excited to partner with him on this journey.”