Dukaan.io Raises $6 Million From Matrix Partners And Lightspeed India

0
323
Dukaan Funding
  • Dukaan’s stores have generated 600K+ orders in the last three months, generating a total gross value of Rs 100+ crore.
  • Dukaan will use this capital to increase its presence across the country.
  • Currently, Due to the Karnataka High Court order, The Dukaan app is removed from the Google play store.

Dukaan.io, The startup which helps local businesses to create an online store, has picked up $6 million (or about Rs 44 crore) in its Seed funding round led by a group of angel and institutional investors, including Matrix Partners India and Lightspeed India Partners.

Other angel investors, including Haresh Chawla (CEO, Network18), Ryan Hoover (Founder, Product Hunt), Jitendra Gupta (Founder, Jupiter), Shashank Kumar (Founder, Razorpay), Kunal Shah (Founder, Cred), and others participated in the funding round.

The startup will use this fresh capital to expand its presence in the country. Along with this, Dukaan will also use this investment to expand its services to 6+ crore small and mid-sized merchants across multiple categories such as books, consumer products, grocery, fashion, consumer electronics, professional services, etc.

The investment comes when the startup conflicts a court battle with the Bengaluru-based KhataBook for alleged copyright violation. Following the High court order, Currently, the Dukaan app is removed from the Google play store.

Also Read: KhataBook Fights Over Plagiarism Allegation On Its Platform

“Our mission is to enable every small retailer to launch, compete, and grow their business online, without ever worrying about technology. Our customers love us and we are excited to continue to pursue our mission with support from the existing investors,” said Suumit Shah (Founder & CEO of Dukaan).

“We are proud to support the Dukaan team from day one, as they create this platform and leverage the digital tailwind that almost every industry and sector is seeing today,” said Akshay Bhushan ( Venture Partner, Lightspeed India Partners).

The COVID-19 pandemic has pushed the local stores and businesses to adopt technology to reach out to more customers. Due to the lockdown and its worst effect, Most of the local businesses have started leveraging online platforms to sell their products to more customers without any hassle.

In fact, According to the survey by the Program Management Consulting EY shows that more than 20% of local stores started adopting technology in their business.

According to the report by IBEF, The online grocery market in India is expected to exceed sales of about Rs 22,500 crore (or about $3.20 billion) in 2020, the exponential growth of 76% compared to the previous year.

Dukaan’s stores have generated 600,000+ orders in the last three months, generating a total gross merchandise value of over Rs 100 crore (or about $13.6 million). The startup said.

About Dukaan – Dukaan, operated by GrowthPond Technology Pvt. Ltd is a Bangalore-based online marketplace startup founded in 2020 by Subhash Choudhary, Anurag Meena, Suumit Shah, and Kaustub Pandey. The startup focused on helping local stores and businesses to become digital by creating an online store to sell their products online without any hassle.

Follow IndianStartupNews on FacebookInstagramTwitter for the latest updates from the startup ecosystem.

Leave a reply