The startup, which was founded in 2018 by former Flipkart executives Khushnud Khan and Rishi Raj Rathore, aims to use this funding to enhance its technological infrastructure, improve operational efficiency, and deepen its focus on the consumer durables market in India.
Who are the investors?
The extended Series B funding round includes participation from existing investors, although the exact amount remains undisclosed. Previously, in June 2022, Arzooo secured $70 million in Series B funding from investors such as SBI Investment, 3 Lines, Trifecta Capital, and DoorDash Founder Tony Xu.
Additionally, in September, the startup received Rs 20 crore ($2.4 million) in debt from Trifecta.
Expansion into the online market
Arzooo has expanded its market presence with the launch of gostor.com, an online platform that assists partner offline stores in going online.
The retailtech startup said the B2C platform allows retailers to sell directly to consumers, thereby growing their business and reducing reliance on in-store footfalls. Furthermore, It has ventured into the white goods sector with the introduction of its consumer durable brand 'NU'.
Arzooo operates as a real-time reverse auction-based e-commerce platform for electronic and home appliances. The startup's approach empowers retailers with access to a diverse range of products and competitive prices, enhancing their ability to scale businesses.
In FY22, Arzooo's gross revenue grew 4.3X to Rs 1,117 crore from Rs 259 crore in FY21, although its losses also increased to Rs 63 crore.
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