BOXSEAT VENTURES PRIVATE LIMITED

Business Overview

• Boxseat Ventures Pvt Ltd is the legal entity behind "10Club", a Bengaluru-based e-commerce roll-up, "Thrasio-style", startup founded in October 2020 by Bhavna Suresh Chathambeth, Deepak Nair and Joel Ayala.
• It acquired small, high-growth D2C/marketplace brands, early acquisitions in the home & garden space — Kraftseeds, Gate Garden, Kriti Kalash — per BusinessToday, to scale them 10x.
• In October 2023 it pivoted from a multi-brand roll-up model to a single consolidated consumer brand, "10club", focused on home & kitchen products, sold via 10club.team, redirects to 10clubhomes.com.
• By May 2025, amid vendor-payment and salary delays, the company's shareholders passed a special resolution to file for insolvency, Section 10, IBC, before NCLT Bengaluru
• Media, Entrackr, YourStory, Inc42, Entrepreneur India, reported it as one of the first high-profile Indian roll-up failures. The website is currently inaccessible, consistent with a deadpooled/wound-down operating business.

Sector & Classification

NIC: "Other wholesale trading n.e.c." (registry classification). Actual business: e-commerce "house of brands" / D2C roll-up in home, kitchen & garden categories, later operating under the consumer-facing brand "10Club".

Directors & Key Management

GST Registrations

Primary GSTIN: 29AAJCB8385R1ZH (Karnataka), registered ~17 May 2021, principal place of business at the Indiranagar, Bengaluru registered address (source: piceapp.com, mastersindia.co — 2 sources agree). A second registration, 27AAJCB8385R1ZL (Maharashtra), is reported by a single source (fnshiftsolutions.com) and is unverified — flagged partial. PAN common to both: AAJCB8385R. Home state: Karnataka. Total number of state registrations and current GSTIN active/cancelled status: not obtained.

Financials

• Standalone entity financials, no consolidation applicable — single CIN. FY2024, year ended 31 Mar 2024: Revenue ≈ ₹52.76 Cr, down ~17% YoY, source: TheCompanyCheck
• Tofler independently bucketed FY2024 revenue at ₹50–75 Cr — broadly consistent.
• FY2025, year ended 31 Mar 2025: Tracxn buckets revenue at ₹10–50 Cr with 1-yr revenue CAGR of -9% and EBITDA CAGR of -23%, imprecise range, single source.
• EBITDA and PAT figures are paywalled/not disclosed on the sources checked.
• Net worth: not obtained.
• Auditor: JAA & Associates, FY2023, per TheCompanyCheck.
• Employee headcount fell from ~41 (Mar 2024, EPFO) to ~37 (Mar 2025) — consistent with the reported wind-down.

Funding History

• Seed round: US$40 million, closed June 2021 — reported as one of the largest seed rounds in the South Asian startup ecosystem at the time. Co-led by Fireside Ventures and an undisclosed international investor
• Other participants named across Business Standard/YourStory coverage: HeyDay, PDS International, Class 5 Global, Secocha Ventures (Sanket Parekh), and angel investment from boAt co-founders Aman Gupta & Sameer Mehta.
• A reported ~$30M Series A discussion with Olive Tree Capital in 2022 did not materialize (Entrackr).
• No further institutional rounds identified after the 2021 seed round.

Shareholding

• Detailed cap table not obtained, Tracxn's PAS-3/shareholding-pattern filings are paywalled.
• TheCompanyCheck names a parent entity, "10Club Pte Ltd", implying an offshore/Singapore holding structure common to such roll-ups, but this is a single, unverified source — flagged partial.
• Lead investor Fireside Ventures is understood to hold a significant stake per funding coverage, but percentage ownership is not obtained.

Loans & Charges

• TheCompanyCheck (single source) reports total open charges of ₹2.21 Cr, with the latest charge registered 28 Nov 2024, holder listed only as "Others", and satisfied 05 May 2025 — the satisfaction date falls right around the reported NCLT insolvency filing.
• No other charge/loan details or lender names obtained
• Treat as partial.

Related Parties

• Operating brand relationship: Boxseat Ventures Pvt Ltd is the registered legal entity for the consumer brand "10Club" / "10club.team" / "10clubhomes.com".
• A parent holding entity, "10Club Pte Ltd", is referenced by one source only, TheCompanyCheck, and not corroborated elsewhere — flagged partial/unconfirmed.
• Brands historically rolled up under it include Kraftseeds, Gate Garden and Kriti Kalash, home & garden D2C labels acquired in 2021, per BusinessToday.
• No other group/related-party entities identified.

Legal & Compliance

• Indian Kanoon search for "Boxseat Ventures" returned zero case results, no litigation on record there.
• However, a significant corporate-insolvency event is well corroborated by multiple independent business-news outlets, Entrackr — exclusive report, YourStory, Inc42, Entrepreneur India, Moneylife, startupnews.fyi: shareholders of Boxseat Ventures Pvt Ltd passed a special resolution and filed for voluntary Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016, before the NCLT, Bengaluru Bench, around May 2025, with Srilakshi Purushottam appointed as Interim Resolution Professional.
• This should be treated as confirmed given the volume of independent corroborating coverage, even though it does not appear as a formal case citation on Indian Kanoon.

Competitive Landscape

• India's "Thrasio-style" e-commerce roll-up / house-of-brands peer set, all larger/more durable than 10Club to date: (1) Mensa Brands — Tiger Global-backed, reached unicorn status within 6 months of founding, ~₹310 Cr revenue in year one
• (2) GOAT Brand Labs — raised $50M, 20+ D2C acquisitions including Chumbak, The Label Life, trueBrowns
• (3) GlobalBees — Premji Invest/Steadview-backed multi-brand roll-up
• (4) Evenflow
• (5) Upscalio
• (6) Powerhouse91. 10Club is broadly regarded as the smallest/least successful of this cohort, being the first among them to move toward formal insolvency, as of the May 2025 NCLT filing.

Frequently Asked Questions

Sources

Tofler (tofler.in) — identity/directors/capital; Falconebiz (falconebiz.com) — identity/directors/DINs; TheCompanyCheck (thecompanycheck.com) — financials/charges/parent entity/employees; piceapp.com & mastersindia.co & fnshiftsolutions.com — GSTIN/PAN; Tracxn (tracxn.com) — funding round names & FY2025 revenue bucket only, per policy; Indian Kanoon (indiankanoon.org) — litigation check (no results); Entrackr (entrackr.com) — exclusive insolvency reporting; YourStory, Inc42, Entrepreneur India, Moneylife, startupnews.fyi — insolvency corroboration; Business Standard, BusinessInsider India, BusinessToday — funding & founding history; CB Insights / Tracxn / Entrackr — competitor landscape.