10Club Files for Insolvency amid Mounting Financial Challenges: Entrackr
Moneylife Digital Team 08 May 2025
Bengaluru-based e-commerce aggregator 10Club, once celebrated for securing one of India's largest seed funding rounds, has initiated insolvency proceedings with the national company law tribunal (NCLT) in Bengaluru.
 
According to a report by Entrackr, the company's shareholders passed a special resolution to file for insolvency under Section 10 of the Insolvency and Bankruptcy Code, 2016, citing that the company's assets are insufficient to cover its debts.
 
Founded in 2020 by Bhavna Suresh, Deepak Nair and Joel Ayala, 10Club adopted a Thrasio-style model, acquiring and scaling third-party brands that sold on e-commerce platforms like Amazon and Flipkart. In June 2021, the company raised a remarkable US$40mn (million) in seed funding, co-led by Fireside Ventures and an undisclosed international investor. 
 
Other participants included HeyDay, PDS International, Class 5 Global, Secocha Ventures and boAt founders Aman Gupta and Sameer Mehta. The funds were intended to expand 10Club's brand portfolio, enhance its technology stack and support working capital needs. 
 
In October 2023, 10Club announced a strategic shift to focus on the home and kitchen segment, launching 10clubhomes.com. The company aimed to organise India's fragmented US$30bn (billion) home and kitchen industry by consolidating businesses into a robust brand catering to the value segment. To bolster this new direction, former IKEA and Accenture executive Kavitha Rao was appointed as co-founder and chief operating officer (COO) in January 2024. However, Entrackr reports that Ms Rao confirmed her departure from the company by the end of January 2025.
 
Despite its initial success, 10Club faced significant operational and financial hurdles. Reports indicate that the company halted payments to vendors and delayed employee salaries. The company struggled to compete with established players in the home and kitchen sector, including international brands such as IKEA.
 
As part of the insolvency proceedings, Srilakshi Purushottam has been appointed as the interim resolution professional (IRP). The company's website has been taken down and all social media activity has ceased. Entrackr says its attempts to contact 10Club for comments went unanswered.
 
10Club's journey from a high-profile start-up to insolvency highlights the challenges faced by e-commerce aggregators in sustaining growth and profitability in a competitive market.
Comments
parimalshah1
11 months ago
Check where the US $ 40 million go!
trivenipapercup
Replied to parimalshah1 comment 11 months ago
money is spend on brand building.
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