Former Cleartrip CEO taps VCs to roll out quick commerce venture
Ayyappan R, former chief executive of Flipkart-owned Cleartrip, is set to launch a new quick-commerce retail venture and is in talks with venture capital firms Accel and RTP Global for a sizable seed funding, multiple people aware of the discussions told ET.
The venture is likely to focus on delivering a select range of premium products within 20-30 minutes and will also have an offline retail presence, hence the need for larger-than-usual seed funding, they said.
It will cover various retail categories including FMCG, health and fitness and fashion, and offer both international and local brands, they added.
The venture is being positioned as ‘Costco for India’, the sources said. While its registered name is FirstClub, Ayyappan is yet to zero in on a brand name, they said.
“They are starting with the quick commerce for premium goods and the model will see iteration from there,” a person briefed on the model said.
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