Arzooo.com, the Indian reverse auction-based e-commerce platform launched by the two Flipkart’s former executives Khushnud Khan and Rishi Raj Rathore – has raised $1 million in a Pre-Series A funding round by Dubai’s Jabbar Internet Group.
The funding will be used to expand Arzooo’s presence to pan India, product enhancement, recruitment and to tap into cross-sector retailer network with Arzooo’s ‘Go Store’ platform.
Arzooo offers a massive inventory to partner stores without investing in the inventory, whilst offering varied products, competitive pricing, and payment solutions to improve conversions in-store.
In India, Amazon and Flipkart hold 7 – 8 percent online retail of consumer electronics, which is actually diminishing opportunities for physical retailers due to the limited size of inventory and source pricing. The ‘Go Store’ platform by Arzooo solves this problem for the physical retailers.
The platform has on-boarded physical retailers across 3 major cities: Bengaluru, Hyderabad and Chennai which can help them compete and grow in this age of stiff competition among players digitalising the purchase experience.
Arzooo is planning to expand in more retail categories by integrating 500,000 retailers by 2022. The company currently has 500 partner stores on its platform and intends to own 20% of the consumer electronics market share by 2020.