India grocery delivery startup FirstClub, a Bengaluru-based online grocer, has raised $55 million in a series B round led by Peak XV Partners and Sofina.

The round values the company at about $255 million, founder and chief executive Ayyappan R said.

Accel, RTP Global, and Paramark Ventures also joined the round.

FirstClub said it will use the funding to expand into new cities and strengthen its operations.

FirstClub operates 24 dark stores, which it calls clubhouses, including 21 in Bengaluru and three in Hyderabad.

Ayyappan said the company is evaluating a third city over the next 30 to 60 days.

The company was founded in December and later raised $8 million in seed funding and a $23 million series A round at a $120 million post-money valuation.

Its expansion comes as India’s quick-commerce grocery market remains competitive, with Blinkit and Swiggy Instamart also selling groceries.

🔗 Source: The Economic Times