Bangaluru-based B2B Retail-tech firm Arzooo on Tuesday announced that it has raised $7.5 million in Series A funding led by WRVI Capital. Existing investors 3Lines Venture Capital, a US-based investor, and Jabbar Internet of UAE also participated in the current round.
According to the company statement, the retail firm will leverage funds for tech-upgradation and market expansion.
Founded in 2018 by ex-Flipkart colleagues and IIT-Kharagpur alumni — Khushnud Khan and Rishi Raj Rathore, the platform is disrupting the offline retail space by empowering offline stores to compete effectively with larger ecommerce websites. Arzooo helps its partner electronics retail stores address their persistent problem of inventory selection, pricing, and sourcing supply chain.
Speaking about the development, Khushnud Khan, Co-founder of Arzooo.com said,
“The current fundraise will help us boost our technology, quality of service and reach to fulfil our goal of equipping each retail store with technology to grow and perform profitable business.”
Currently operational in Bengaluru, Delhi-NCR, Chennai, Kolkata, and Hyderabad, the startup will be scaling its operations in Eastern and Western regions of the country. It will also channelise funds to ramp its tech platform and “Go Store". The startup, through its "Go Stores" aims to solve the big problem of selection, price and complex supply chain and sourcing for offline retailers. The company aims to serve 50,000 retailers in the next year.
Arzooo Founders(L:R) Rishi Raj and Khushnud Khan
Commenting on the fundraise, Sudhir Rao, Managing Partner of WRVI Capital India, said,
"In less than two years, through it’s initial focus on $50 billion consumer durable segment, Arzooo has demonstrated a highly scalable product market fit, especially in a country where local, medium and small retailers dominate the market. Arzooo’s technology and localised demand-supply integration offers great scalability to retail stores for both product expansion and profitability, which is a win-win for all."
Earlier in July this year, the platform announced the launch of its new digital credit lending product, ‘Arzooo Credit’, for offline retailers, that will offer working capital cushion to Arzooo’s partner stores, while the sector recovers from COVID-19 impact.
With Arzooo Credit, retailers can avail from Rs 1,00,000 to Rs 10,00,000 credit on Arzooo platform. At present, the service is open to over 5,000 retailers across 10 cities.
Edited by Kanishk Singh
Link : https://yourstory.com/2020/10/funding-alert-b2b-retail-tech-startup-arzooo-series-a-wrvi-capital
Author :- Trisha Medhi ( )
October 27, 2020 at 03:30PM
YourStory