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Ayyappan R , former chief executive of Flipkart-owned Cleartrip , is set to launch a new quick-commerce retail venture and is in talks with venture capital firms Accel and RTP Global for a sizable seed funding , multiple people aware of the discussions told ET. The venture is likely to focus on delivering a select range of premium products within 20-30 minutes and will also have an offline retail presence, hence the need for larger-than-usual seed funding, they said. It will cover various retail categories including FMCG , health and fitness and fashion, and offer both international and local brands, they added.
The venture is being positioned as ‘Costco for India’, the sources said. While its registered name is FirstClub, Ayyappan is yet to zero in on a brand name, they said. “They are starting with the quick commerce for premium goods and the model will see iteration from there,” a person briefed on the model said.
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C.P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi View Program Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program Ayyappan and RTP Global declined to comment, while an email sent to Accel did not elicit any response on the matter.
Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Ayyappan held various leadership roles at Flipkart including chief business officer of Myntra, before leaving the firm following a senior level rejig, as first reported by ET on February 20 . People cited above said the proposed venture plans to offer a diverse range of products including unbranded goods like dry fruits and healthy and localised products like freshly ground atta (flour). Premium items like blueberries and avocados as well as direct-to-consumer (D2C) commodities like organic Supima cotton t-shirts and healthy gummies are also likely to be included.
The venture will also operate on a subscription model , offering platform access exclusively to its members or by providing better pricing, they said. This comes at a time when Walmart-owned Flipkart itself has entered the quick-commerce race with a service called Minutes. The demand for quick delivery is at an all-time high.
Key players in the industry include Zepto, Blinkit and Instamart. New-age brands have also been expanding at a faster pace than expected, driven by the quick-commerce channel. Also Read | ETtech In-depth: Quick commerce is diversifying fast.
It won’t be easy ET had earlier reported that the ultra-fast delivery segment has significantly boosted certain categories and SKUs on these channels, including premium products. “Right now, you need to have a quick-commerce angle to be able to raise top dollars” in the consumer sector, an industry executive said. According to Bofa Securities, India’s quick-commerce market is expected to grow to nearly $22 billion in gross merchandise value (GMV) by 2027 from around $2.
8 billion in 2023..
