E-commerce roll up firm 10club on Friday said that it has acquired three e-commerce firms operating in the lawn and garden segment for an undisclosed amount. The firms that have been acquired are Kraftseeds, Gate Garden and Kriti Kalash.
With these acquisitions, 10club expects to achieve an annual revenue run rate of USD 50 million.
The employees of all the three firms will join 10club thereby raising its headcount by over eight-fold to 400 from 48 at present.
“We are extremely bullish on the home category and the acquisition of three strong brands in the lawn and garden segment gives us a strong foothold and more importantly will complement the six new acquisitions that we will announce shortly.
“With these acquisitions, we will be clocking a revenue of over USD 50 million in the home category alone,” 10club co-founder and COO Deepak Nair said in a statement.
Earlier this year, 10club had raised a seed round of USD 40 million which saw participation from HeyDay, PDS International, Class 5 Global among others
All the three brands acquired by 10club specialise in seeds, soil, flower bulbs, manure, planters, tools and every other kind of equipment a consumer might need for their home gardening needs.
According to 10club, lawn and garden segment saw an unprecedented spike during the pandemic, as people stayed home and looked for ways to make their homes feel fresh, while cultivating hobbies that relieve stress and improved their homes and the company believes that this trend is here to stay.
As per the company’s estimates, the current category size is about USD 900 million with less than 10 per cent online penetration, growing at the rate of more than 70 per cent year-on-year.
“We are very excited to partner with the founders on growing these brands to be India’s first home-grown gardening brand with a national imprint. We intend to work with the founders on increasing their online presence, bringing in operational and marketing expertise to scale them up sustainably,” 10club partner growth Mona Adurty Bagheria said.