ⓘ Featured image: Arzooo co-founder, Rishi Raj Rathore (L) and Khushnud Khan
Bengaluru, Karnataka-based Arzooo, a B2B retail-tech startup, on Tuesday raised $7.5 million (around INR 55.3 crore) in a Series A funding round led by WRVI Capital, US, with participation from an existing investor, Jabbar Internet Group, UAE; and 3Lines Venture Capital, US.
In June 2019, Jabbar Internet invested $1 million in Arzooo in a seed round. The startup in a statement said that the fresh funds will be deployed towards tech-up-gradation and market expansion.
Founded in 2016 by Flipkart’s former executives, Khushnud Khan and Rishi Raj Rathore, Arzooo operates in Bengaluru, Delhi-NCR, Chennai, Kolkata and Hyderabad. The company through its ‘Go Store’ solution, 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.
Speaking of the investment round, Khushnud Khan, co-founder of Arzooo, in a statement, said,
“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,”
Arzooo had recently announced the launch of its digital credit lending product, Arzooo Credit for offline retailers that offers working capital to Arzooo’s partner stores. With Arzooo Credit, retailers can avail from INR 1,00,000 to 10,00,000 credit on Arzooo platform.
Arzooo claims to serve over 5,000 retailers across 10 cities in India and aiming to stretch this number to 50,000 retailers in the next year.