FirstClub, an Indian membership-based lifestyle and services startup, has broken from the country’s tech ecosystem’s long-standing fixation on rapid, mass-market growth—instead leaning into a premium model that’s quickly paid off: the company has tripled its valuation to $120 million in just 18 months, according to details from its latest funding round and investor briefings. The milestone marks a notable counterpoint to India’s startup norm, where many firms prioritize user acquisition speed and market share over profitability or niche positioning.

The valuation jump comes on the heels of a $25 million Series B round led by global private equity firm General Atlantic, with participation from existing backers including Accel India and Elevation Capital. Unlike many Indian startups that chase millions of casual users, FirstClub targets high-net-worth individuals (HNWIs) and affluent professionals—offering a curated suite of benefits, from exclusive access to fine dining reservations and luxury travel perks to personalized concierge services and VIP event passes. The company currently boasts 15,000 active members, each paying an annual subscription fee of ₹150,000 ($1,800)—a price point far higher than mass-market apps but one that delivers consistent revenue and strong customer retention (over 85% of members renew annually, per internal data).

A Contrarian Path in India’s Startup Landscape

India’s tech sector has long been dominated by “speed-first” models, particularly in sectors like e-commerce, food delivery, and fintech. Startups in these spaces often burn capital to acquire users quickly, offering heavy discounts and subsidies to capture market share—even at the cost of long-term profitability. FirstClub, by contrast, has avoided this playbook entirely. Founded in 2023 by former McKinsey consultant Riya Mehta and ex-Amazon executive Arjun Reddy, the company focused first on refining its premium offering for a small test group of 500 users before scaling—prioritizing service quality over user count.

“India’s startup world talks a lot about ‘growth at all costs,’ but we asked: what if we build something people are willing to pay well for, rather than giving it away?” Mehta, FirstClub’s CEO, said in a statement. “Our members don’t want another app that floods them with generic deals—they want access, convenience, and exclusivity that saves them time and elevates their lifestyle. That’s where we’ve focused, and it’s why our valuation has grown so quickly without sacrificing profitability.”

Indeed, FirstClub is already profitable at the unit level (earning a profit on each member after accounting for service costs), a rarity among Indian startups at its stage. The company reports annual recurring revenue (ARR) of $27 million, up from $6 million just a year ago, and plans to use the new $25 million to expand its service portfolio—adding luxury wellness partnerships (with high-end spas and fitness studios) and personalized travel planning—and to enter three new Indian cities (Hyderabad, Pune, and Ahmedabad) by early 2026.

Why Investors Are Backing the Premium Play

Investors say FirstClub’s success highlights a gap in India’s consumer tech market: the growing affluence of the country’s middle and upper classes, who are willing to pay for quality and exclusivity. India is home to over 700,000 HNWIs (individuals with net assets over $1 million), a number projected to grow by 60% by 2030, according to Knight Frank’s Wealth Report. This demographic has historically relied on unorganized concierge services or international platforms—creating an opportunity for a homegrown, tech-enabled premium offering.

“FirstClub isn’t just a lifestyle app—it’s a play on India’s rising wealth and changing consumer preferences,” said Sandeep Naik, Managing Director at General Atlantic India, which led the Series B round. “While many startups fight over the mass market, FirstClub has carved out a profitable niche by focusing on a segment that values time and exclusivity. Their ability to triple valuation while building a sustainable business model is a testament to the strength of their strategy.”

The company’s approach also aligns with a broader shift in global venture capital, where investors are increasingly prioritizing profitability and unit economics over “hockey-stick” user growth—especially after a years-long period of easy funding. FirstClub’s lack of reliance on discounts or subsidies has made it attractive to backers looking for lower-risk, high-growth opportunities in India’s crowded startup ecosystem.

What’s Next for FirstClub

Looking ahead, FirstClub aims to double its member base to 30,000 by the end of 2026, while expanding into adjacent services like premium childcare and private dining experiences. The company also plans to launch a “corporate membership” program, targeting large Indian companies that want to offer FirstClub’s perks as part of their employee benefits packages—a move that could open up a new revenue stream and accelerate growth.

Mehta emphasized that the company will stay true to its premium roots, even as it scales. “We won’t dilute our offering to chase more users,” she said. “Our success comes from saying ‘no’ to the mass market and ‘yes’ to the customers who truly value what we do. That’s the opposite of what many Indian startups do—but it’s working.”

For India’s tech ecosystem, FirstClub’s rapid valuation growth and profitable model offers a compelling alternative to the speed-obsessed status quo. As the country’s consumer market matures, more startups may follow its lead—proving that in India, premium can be just as scalable as mass.