Thrasio of India 10club receives $40 million in startup funding

10club, a six-month-old Indian business launching a Thrasio-like venture, announced on Tuesday that it had raised $40 million in one of the region's largest early financing rounds.

The round was headed by Fireside Ventures (a well-known Indian consumer and hardware tech investor) and an undisclosed worldwide investor, according to the Indian startup, which did not name the other firm.

The round was also attended by HeyDay, PDS International, Class 5 Global, Secocha Ventures, and the founders of hardware company boAt (Aman Gupta and Sameer Mehta).

It's unclear whether the investment would include debt — as is common with Thrasio-like enterprises — or if the entire funding will be done in cash.

10club buys small businesses that sell their wares on e-commerce platforms and helps them grow.

"E-commerce behemoths like Amazon, Flipkart, Nykaa, and others are propelling great enterprises forward.

They do their foundational years right but struggle to scale, and they recognise that competition is difficult to overcome.

That's where we come in, giving you — the entrepreneurs — the opportunity to profit from your years of hard work."

In India, 10club is one of a few dozen companies attempting to duplicate what is known as the Thrasio-model.

Mensa Brands, a similar startup led by the former chief executive of fashion e-commerce Myntra, recently received $50 million in equity and debt.

UpScale, another notable participant in this market, announced earlier this month that it is in advanced talks to raise funding with Germany's Razor Group.

credit- Economic Times

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