Saturday, July 13, 2024

Arzooo Secures $70M in it’s Series B funding

Arzooo, India’s leading Retail technology platform has raised $70M in a new funding round backed by leading global and Indian VCs including SBI Investment, Japan and
Trifecta Leaders Fund. Tony Xu, the Founder of Doordash has also invested in the current round, making Arzooohis first India investment.

Along with SBI Investment, an arm of Japan’s SBI Group, and Trifecta Leaders Fund, existing investors including Celesta Capital and 3 Lines VC also participated in this round. The Company had previously raised a Series A from Celesta and 3 lines, followed by an investment from Zoom founder Eric Yuan.

Arzooo will utilize its latest funding to scale it’s technological might focused on scaling stores’ growth end to end and market expansion for the platform as Arzooo continues to deepen its vertical play in the $65 billion consumer electronics market in India.

Speaking on the funding, Khushnud Khan, Co-founder & CEO, Arzooo states, “We’re pleased to welcome new set of investors to the Arzooo rocket ship with this round that was oversubscribed by 1.4X. While we truly appreciate the interest from the investor community, we’re really glad to get onboard some amazing set of people with shared vision to transform offline retail joining the board”

Founded by Khushnud Khan and Rishi Rathore, Arzooo is building India’s leading tech platform for transforming offline retail. Arzooo’s platform provides retailers access to a wide variety of SKUs across leading and emerging brands. Arzooo has a pan-India presence and is already powering over 30,000 retailers allowing them to scale without the challenges of extensive inventory holding and access to pricing.

Khushnud further adds “While the last decade has been about the proliferation of new age economies, Internet was still seen as a rival to offline retail and the retailer community has been at the receiving end for a while. Today, technology is making fast pace inroad in to brick & mortar and we are excited to be at the forefront of this revolution while catalyzing it by enabling the next generation retail for lacs of neighborhood stores. Arzooo is essentially eliminating the barrier of size, scale and capital for medium and small stores while democratizing retail in india”

Yoshitaka kitao, Chairman and president, SBI investment states, “Arzooo’s business model is very capital efficient and can meet the increasingly diversified requirement of both retail shops and end customers. It is also great for them to have built a self-branded functional logistics system, which is one of the most important parts of the business. There is no limit to the company’s future and we would like to fully support the company in their way to great success.”

“We are excited to partner with Arzooo and scale India’s leading B2B platform for consumer durables and electronics. This is large category of consumption that is ripe for disruption through the efforts of companies like Arzooo, especially in non-metro markets Rishi, Khushnud and the team have built this scalable platform in a very capital efficient manner, and continue to add new use cases empowering retailers to address this rapidly growing market.” said Lavanya Ashok, Partner at Trifecta Capital.

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