10club buys Skudgear, its second acquisition in less than a fortnight

10club buys Skudgear, its second acquisition in less than a fortnight


Mumbai: 10club — which acquires, operates and grows ecommerce-first businesses — has acquired fitness equipment maker Skudgear, at a time when Thrasio-style ventures are gaining traction in India amid a surge in number of direct-to-consumer brands.

The financial details of the deal weren’t disclosed. US-based Thrasio is the world’s largest acquirer of third-party private label businesses on Amazon.com.

Founded by IIM Kashipur graduate Raviteja Visakoti and his brother Ritihish, Skudgear makes health, fashion and smartphone accessories and sells them on its website and Amazon’s India marketplace, where it has listed 400 stock-keeping units (SKUs). The company has a 2,500-square-foot warehouse in Hyderabad with eight employees.

For 10club, Skudgear is its second acquisition and the first sportsgear maker in its house of brands. The company
recently acquired My NewBorn, a brand selling baby products on Amazon India, after raising funds
in one of the biggest seed rounds in India’s startup sector. The company was cofounded last year by 22feet cofounder Deepak Nair, Class 5 Global cofounder Joel Ayala, and former Lamudi CEO Bhavna Suresh who was
recently nominated in the Woman Ahead category of ET Startup Awards 2021.

“Every business that we look at today approximately grows at 60-70% year on year. So, they have found the traction and the product-market fit. Generally, what’s missing is they have not found a brand proposition, they have not started creating a community, and that stickiness has not started. 10club usually comes in at this intersection,” Suresh said in an earlier interview with ET.

10club will now look to make Skudgear a $100-million brand, in line with the aim of the founders.

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“His (Raviteja’s) vision of building a large business in the sports and fitness space is perfectly aligned to what we at 10Cub have outlined for this exciting category,” said Nair, chief operating officer at 10club. “We are extremely excited to have Ravi and his team to anchor this category along with the other acquisitions we have planned in the coming months.”

10club will work with Skudgear to fix the supply-chain issues that the company faced in the aftermath of the coronavirus outbreak, while building the technology to digitise warehouse operations and identifying potential areas of growth to increase volumes.

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“We believe the team at 10club will grow the business exactly the way we would have,” said Visakoti, who will now join 10club as an ‘Entrepreneur in Residence’. “Deepak and Bhavna have built a great team and we are eager to explore the possibilities that the future holds for us in partnership with the 10club team.”



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