Quick commerce FirstClub doubles valuation to $255M in nine months

In a quick-commerce market obsessed with speed, Indian startup FirstClub has convinced investors that quality may be a fresh opportunity, helping to double its valuation just nine months after its last funding round .

The Bengaluru-based startup has raised $55 million in a Series B round co-led by Peak XV Partners and Sofina, valuing the company at $255 million after the investment. That’s up from $120 million when it last raised capital in September 2025. Existing investors Accel, RTP Global, and Paramark Ventures also participated. The latest financing brings FirstClub’s total funding to $86 million.

As grocery shopping increasingly moves online, India’s quick-commerce market has expanded rapidly, growing from about $6.2 billion in FY25 to an estimated $11 billion-$12 billion in FY26, according to a recent ICICI Securities report. Leading players have popularized online grocery shopping through ever-faster deliveries. However, FirstClub is wagering that a growing segment of consumers will prioritize quality and product curation over receiving orders as quickly as possible.

Founded in 2024 by former Flipkart executive Ayyappan R, FirstClub operates a curated online grocery platform that offers around 4,000 products — roughly a third of the assortment carried by many quick-commerce rivals. The startup says it conducts quality checks on fresh produce, lab-tests certain staples, and works with brands to develop exclusive products, as it seeks to position itself as a trusted destination for groceries rather than a fast-delivery service.

“People don’t need a very large selection, but they need the right quality selection, consistently delivered every single time,” Ayyappan said in an interview.

FirstClub says more than 60% of its customer base consists of women-led households. Unlike many quick-commerce platforms, where staples such as onions, tomatoes, and potatoes dominate sales, Ayyappan said some of FirstClub’s top-selling products include avocados, persimmons, and Modi apples, reflecting demand for premium and curated grocery offerings.

The strategy appears to be resonating with early shoppers. FirstClub says it has crossed 1 million orders and acquired 170,000 households within a year of launching in Bengaluru.

The startup is currently operating at an annualized gross market value (meaning total of all goods sold on its platform) of about $50 million, with customers placing more than four orders a month on average and spending roughly ₹1,200 (about $13) per order, Ayyappan told TechCrunch.