10club, an e-commerce marketplace aggregator, raised $40 million in one of the country's largest seed funding rounds.

Fireside Ventures and an unnamed international investor co-led the financing.

HeyDay, a US-based e-commerce aggregator, PDS International, Class 5 Global, Secocha Ventures, and boAt founders Aman Gupta and Sameer Mehta also participated in the round.

As part of the deal, Fireside Ventures partner Vinay Singh will join the board of 10club.

Founded in 2020 by former Lamudi CEO Bhavna Suresh, 22feet co-founder Deepak Nair, and Class 5 Global co-founder Joel Ayala, 10club acquires and accelerates the growth of e-commerce merchants who have built sustainable businesses on e-commerce marketplaces such as Amazon and Flipkart.

The pitch of 10Club is to acquire a startup and help it scale ten times (hence the name 10Club) in three years or less. It intends to accelerate this growth by integrating supply chains, providing performance marketing expertise, and driving insights through data analysis.

The funds raised will be used to expand the company's brand portfolio, build its technology stack, and for working capital.

The development comes at a time when several Indian startups have raised funds to build a 'house of brands' similar to Thrasio, based in the United States and the world's largest acquirer of third-party private label businesses on Amazon.

"We have already built our foundational pillars of the centralised platform with a strong leadership team, a partner ecosystem and an operational playbook to deliver high performance,” 10club’s co-founder Suresh said. “This funding will enable us to expand our portfolio and bring about transformational changes for the businesses we acquire. Having HeyDay participate in the round also gives us the opportunity to learn from operators.”

10club currently has a team of 20 people, including executives from Amazon, Flipkart, Udaan, Reliance, and Coca-Cola. According to the company, it has worked with hundreds of sellers across various product categories and is now focusing on working with select entrepreneurs to help them grow their businesses.

It has also signed letters of intent worth $15 million and plans to launch these businesses in the coming weeks, according to the company.

“India and online-first brands are at the cusp of the next revolution. We, at Fireside, believe that both VC and acquisition-driven models will co-exist going forward and can turbocharge the growth of early-stage brands,” said Vinay Singh, partner at Fireside Ventures. “Together with the team at 10club, we will be able to drive this change and enable e-commerce entrepreneurs to realize the full potential of their brands.”