10club, a Thrasio-style aggregator of third-party sellers on ecommerce platforms said it has acquired three lawn and garden brands as it seeks to boost its main home category segment, the company said in a statement on Friday.
Co-founder and COO, 10club, Deepak Nair, said that the acquisition will complement six new acquisitions that will be announced shortly. "With these acquisitions, we will be clocking a revenue of over $50 mn in the home category alone,” he added.
10club, operated by Boxseat Ventures Pvt Ltd, noted that the home category segment has seen an “unprecedented spike” during the pandemic, and estimates the current category size is about $900 million.
Founded in October 2020 by former Lamudi CEO Bhavna Suresh, 22feet, co-founder Deepak Nair and Class 5 Global co-founder Joel Ayala, 10club partners with ecommerce product sellers by acquiring their businesses and working with their teams to help them grow, the statement said.
Earlier in June, 10club raised $40 million (nearly Rs 300 crore) in an outsized seed funding round.
The round was co-led by consumer sector-focused venture capital (VC) firm Fireside Ventures, and an undisclosed international investor active in the space.
In September, 10Club said it will acquire My Newborn, an ecommerce online business in baby products. category.
Thrasio-style ventures, seeking to replicate the ecommerce model made popular by Massachusetts-based startup Thrasio, have mushroomed during the pandemic in India, and attracted significant funding in a short span of time.
Earlier this week, Mensa Brands, floated by former Myntra and Medlife chief executive Ananth Narayanan, became India’s fastest startup to turn unicorn after raising $135 million at a valuation of around $1.2 billion.
Other Thrasio-style ventures that have attracted funding include FirstCry-backed GlobalBees and UpScalio.