Retail Tech Platform, Arzooo Raises $ 7.5 mn in Series A led by US-based WRVI Capital
Bangalore: Arzooo, India’s fastest growing retail-tech startup today announced that it has raised $7.5 mn in Series A funding led by WRVI Capital. Arzooo’s existing investors 3Lines Venture Capital, another US-based investor and Jabbar internet of UAE also participated in the current round. The startup will leverage funds for tech-upgradation and market expansion.
Arzooo, which currently operates in Bengaluru, Delhi-NCR, Chennai, Kolkata, Hyderabad will be scaling operations in Eastern and Western regions of the country. The startup will also channelize funds to ramp its ‘Tech platform, “Go Store. Arzooo’s “Go Store” is the unique technology platform by Arzooo that solves the big problem of selection, price and complex supply chain & sourcing for offline retailers. The company aims to serve 50,000 retailers in the next year.
Commenting on the fundraise, Khushnud Khan, cofounder of Arzooo.com says, “Our strong growth over the past year is a testimony to the positive impact Arzooo has had on the business of physical retailers. 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.”
Sudhir Rao, Managing Partner WRVI Capital India Says, Arzooo has in less than two years, through it’s initial focus on $50 Billion consumer durable segment , demonstrated a highly scalable product market fit, especially in a country where local medium & 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.
Arzooo recently 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, especially during the time when the retail is just on its way to recovery from covid impact. With Arzooo Credit, retailers can avail from Rs 1,00,000 to 10,00,000 credit on Arzooo platform. At present, the service is open to over 5000 retailers across 10 cities.