Bengaluru-based 10Club has rolled up its first business with the acquisition of My Newborn, a brand selling baby products on Amazon.
Founded in 2020 by Bhavna Suresh, Joel Ayala, and Deepak Nair, is a new age ecommerce startup that acquires, operates, and helps digitally native businesses scale up.
“At 10Club, we have set out to build high velocity digital native brands by partnering with entrepreneurs who have built strong businesses on market places and have the potential to become category leaders,” Deepak Nair, Co-founder and COO of 10Club said in a statement.
My Newborn was founded by father-son duo Rakesh Jain and Abhishek Jain to address the need for good quality baby care products such as blankets, swaddles among others. It is currently focusing on making its products available on marketplaces other than Amazon and is also looking to launch products in adjacent categories and leveraging customer insights to differentiate our products.
As a part of this deal, My NewBorn along with 10Club will focus on improving the margin profile and ensuring that its products are more affordable, valuable, and easily available to the masses across India.
The brand claimed that three of its products are among the top 10 on Amazon and it is position second in the baby blanket category.
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“We have built a brand in a category that was considered unconventional. However, having gone through the experience that the parents of newborn babies have to go through, we knew there was ample potential for growth. Our persistence has made us one of the category leaders on Amazon and today, we are generating 100 percent of our revenue from ecommerce marketplace sales. However, we had reached a stage where we needed financial, technical, and expertise infusion to take the brand to the next level. 10Club with its incredible expertise and vision has turned out to be just the right growth partner that My NewBorn needed at this juncture,” said Rakesh Jain, Founder at My NewBorn.
Along with the 10Club team, MyNewBorn will focus on growing the business 10X and better serve the needs of the 150 million Indian households that form the core of its primary target audience.
In a previous interaction with YourStory, the startup revealed that it will be onboarding digital businesses across categories including home, pet, baby, and sports and was in talks to onboard sellers across appliances, electronics, and stationery categories.
This development comes in after 10Clubs raised $40 million in seed funding earlier in June. It is aimed at building a valuable portfolio and elevate the entrepreneurial ecosystem in the country by offering ecommerce sellers a financial exit and the right kind of resources to help them scale the businesses.
The startup revealed that currently, it has two more immediate deals in its pipeline.
Speaking about the deal, Deepak said, “Rakesh and Abhishek are new generation entrepreneurs who are extremely passionate, with a great understanding of the consumer and have been able to achieve a high growth trajectory for My NewBorn over the years. We are extremely delighted to have Rakesh and Abhishek join us on this exciting journey.”
Edited by Saheli Sen Gupta
Link : https://yourstory.com/2021/09/bengaluru-based-10club-makes-first-roll-up-acquisition-my-newborn
Author :- Shreya Ganguly ( )
September 21, 2021 at 02:05PM
YourStory