India, June 4 -- Months after closing its Series A funding round, quick commerce startup FirstClub has now raised $55 Mn (around Rs.512 Cr) as a part of its Series B funding round co-led by Peak XV Partners and Sofina. Existing backers Accel, RTP Global and Paramark Ventures also participated in the round.

FirstClub founder and CEO Ayyappan R told Inc42 that the fresh capital will be deployed in opening more stores across its Bengaluru and Hyderabad, along with expanding its footprint across other cities. FirstClub currently operates 24 stores, including three recently launched outlets in Hyderabad.

Additionally, the startup also plans on setting up large warehouses to service these stores. A portion of the capital will also go in categ...