10Club moves NCLT to begin insolvency proceedings

Entrackr · 8h

Fireside Venture-backed company 10Club is now heading toward closure, as it has initiated insolvency proceedings before the National Company Law Tribunal (NCLT), Bengaluru Bench. E-commerce marketplace aggregator 10Club, which once raised one of India’s largest seed rounds, has failed to find a viable business model. The Fireside Venture-backed company now appears to be heading toward closure, as it has initiated insolvency proceedings before the National Company Law Tribunal (NCLT), Bengaluru Bench. According to a company’s regulatory filing sourced from the Registrar of Companies (RoC), the shareholders of Boxseat Ventures Private Limited (10Club) have passed a special resolution to file for insolvency under Section 10 of the Insolvency and Bankruptcy Code, 2016. According to the filing, 10Club prima facie appears to be insolvent as the company’s assets are not sufficient to pay off its debts. Srilakshi Purushottam has been appointed as the Interim Resolution Professional in the CIRP application, while multiple advocates have been designated to represent the firm in the legal proceedings, the filing stated. As per sources, the firm has taken down its website and paused all social media activity. Entrackr was also unable to access the 10Club website. Queries sent to 10Club did not receive a response until after the story was published. Started as an e-commerce roll-up firm, 10Club made a strategic pivot in October 2023 to become a consumer brand focused on home and kitchen products. In January 2024, the Bengaluru-based firm appointed Kavitha Rao as its new Chief Operating Officer and co-founder. When Entrackr reached out to Rao for comment, she confirmed that she left the company in January end this year. 10 Club caught the eyeballs in 2021, where it received the largest ever seed round of $40 million in the Southern Asian Market led by Fireside Ventures. The company was also reportedly in talks to raise $30 million from Olive Tree Capital in 2022.