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10Club moves NCLT to begin insolvency proceedings

EntrackrEntrackr · 1m ago
10Club moves NCLT to begin insolvency proceedings
Medial

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.

Evenflow raises bridge round, eyes public listing by 2027

EntrackrEntrackr · 8m ago
Evenflow raises bridge round, eyes public listing by 2027
Medial

E-commerce roll-up platform Evenflow has raised an undisclosed amount in a bridge round from serial entrepreneur Shail Patel and some existing investors as part of its ongoing $5 million Series A round. The funds will be used to expand operations and grow its seven acquired homegrown brands — Xtrim, Yogarise, Rusabl, BabyPro, Trendy Homes, Cinagro, and Frenchware. The company aims to increase these brands’ global presence by entering new markets. This fundraise follows recent efforts to strengthen supply chain, marketplaces, D2C, and quick commerce, with new appointments and the elevation of Shashank Ranjan to co-founder. Evenflow operates in India and the U.S., claiming 350% growth on marketplaces like Amazon, Flipkart, CRED, Zepto, and Instamart. The company has outlined a long-term plan to increase revenue by 10X and profits six-fold by 2027. However, these projections may be challenging to achieve, as many roll-up platforms face scaling difficulties. In a media statement, co-founder and CEO Utsav Agarwal shared that the firm aims to prepare for an IPO by the end of 2027. Ecommerce roll-up companies were hot in 2021 and the space also delivered two unicorns —Mensa and Globalbees in the year along with 10club which raised $40 million in one of India’s largest seed rounds. However, the euphoria subsided with the wind up of global posterboy Tharasio and tougher funding environment. As a result, funding for these firms sharply declined over the past two years, from $540 million in 2021 to $70 million in 2022, $78 million in 2023, and $39 million in the current calendar year. While some, like Mensa, secured additional debt, GlobalBees and Goat Brand Labs took over 24 months to do so. 10club shifted focus to consumer brands, and Powerhouse91 and Upscalio haven’t raised funds in over two years. Amazon aggregator Thrasio faced near bankruptcy but recently emerged from Chapter 11 and appointed Stephanie Fox as its new CEO.

Delhivery appoints Milind Sharma as head of Rapid Commerce and D2C brands

EntrackrEntrackr · 3m ago
Delhivery appoints Milind Sharma as head of Rapid Commerce and D2C brands
Medial

Delhivery appoints Milind Sharma as head of Rapid Commerce and D2C brands. Gurugram-based logistics company Delhivery has appointed Milind Sharma, cofounder of the now-defunct grocery delivery service Peppertap, as the head of its rapid commerce and D2C brands verticals. Sharma was among the first few employees of Delhivery in 2012 and left the firm in 2013 to launch Peppertap. In his new role at Delhivery, Sharma will build out the rapid commerce service and oversee Delhivery’s entire product portfolio for the direct-to-consumer brand segment. He will also be scaling up Delhivery’s same-day and next-day offerings. Delhivery launched its rapid commerce service earlier this year with the aim of offering intracity deliveries for brands within a two-to-four hour timeline from its dark stores. “Rejoining Delhivery feels like a homecoming for me. This is where I started my startup journey, and I am eager to contribute to the next phase of growth by building the Rapid Commerce service and serving the D2C brand segment alongside the team,” said Milind Sharma on his appointment.

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