In a fresh funding round of $70 million, Arzooo, an Indian company that is seeking to bring the “best of e-commerce” to brick-and-mortar retail stores, has expanded into new locations.
Trifecta Leaders Fund and SBI Investments financed the Bengaluru-based startup’s Series B round of investment. Doordash creator Tony Xu, Celesta Capital, and 3 Lines VC all contributed to the latest round of funding.
Due to their limited product offerings and inability to provide clients the best pricing, India’s millions of small retail establishments are unable to compete with Amazon and Flipkart, the world’s largest retail chains.
Two former Flipkart execs are trying to fix this problem by collaborating with major brands so that they may buy massive quantities of inventory and then sell it to retail retailers at a discount. Additionally, the startup, which has been around for four years, offers these firms up to $25,300 in revolving loans.
The business claims it works with over 30,000 retail outlets in India and presently operates in the consumer durables and electronics market, providing shops with access to over 10,000 distinct items.
Arzooo co-founder and CEO Khushnud Khan stated, “The customers who have been going in and out of these businesses due of the cost, we are able to assist solve it.”
“These are the shops at the bottom of the food chain. Reliance Retail and Croma and Amazon don’t have the same access to strong margin chains that they have. “They are being wedged between the two,” he said.
Subtly charming pop culture geek. Amateur analyst. Freelance tv buff. Coffee lover