09-05-2025
Fireside-Backed 10Club Files for Insolvency Amid Roll-Up Model Challenges
According to RoC filings, 10Club is moving for insolvency as its assets are not sufficient to pay off its debts.
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Thrasio-style ecommerce marketplace 10Club has filed for insolvency proceedings before the National Company Law Tribunal (NCLT), marking a significant setback in the roll-up ecommerce space.
According to filings with the Registrar of Companies (RoC), the Fireside Ventures-backed startup is initiating the Corporate Insolvency Resolution Process at the Bengaluru bench, citing that its assets are insufficient to pay off debts.
Founded by Bhavna Suresh, Deepak Nair, and Joel Ayala, 10Club made headlines in 2021 with a USD 40 million seed round—one of the largest in India. A year later, it raised another USD 30 million from US-based Olive Tree Capital and existing backers.
10Club's model involved acquiring small businesses, retaining core teams, and scaling them under a single operational umbrella. In October 2023, the company announced a strategic pivot to build a consolidated home and kitchen brand. It also onboarded retail veteran Kavitha Rao as co-founder and COO in January 2024 to drive growth.
However, despite early momentum, the model has faced headwinds. Industry peers like the Good Glamm Group have also seen roll-up bets falter, with recent brand divestitures occurring at steep losses. 10Club's insolvency underscores the volatility in scaling D2C brands through acquisition-led strategies.
