Retailtech Platform Arzooo Secures $6 Mn From Trifecta Capital The firm will use funds for market expansion
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Retailtech startup Arzooo on Wednesday announced that it has secured $6 million from Trifecta Capital.
The startup will leverage funds for market expansion and scaling its logistics and operational capabilities.
The startup will also channelize funds to ramp up its supply chain infrastructure with technology and operational capabilities to increase its reach across the country to serve over 50,000 retail stores that it plans to work with and improve the speed of delivery, service experience, and operational efficiency
"Our growth trajectory has been phenomenal and this capital will be used to fuel the same with the network expansion and scaling up our supply chain capabilities to deliver better services to our partner stores," commented Khushnud Khan, chief executive officer and co-founder, Arzooo.com.
The business-to-business (B2B) business witnessed strong growth through the COVID-19 pandemic and the company is aiming to hit a $500 million sales run rate this year.
The company currently operates across South, North and eastern India will now be scaling its operations in Mumbai, rest of Maharashtra, and Gujarat soon.
"We're proud to partner with Arzooo, a fast-growing Retail Tech platform in the consumer durables space. Neighborhood stores are a fantastic channel to drive digitization, inventory expansion, and price competitiveness over online retailers. Arzooo has seen a strong demand recovery post the COVID-19 lockdown. We look forward to continuing supporting them as they grow their footprint going forward," added Rahul Khanna, managing partner, Trifecta Capital.
The platform in October last year announced its Series A fund raise of $7.5 million led by WRVI Capital along with its existing investors.
Soon after in November 2020, the company had another investment coming from Zoom Video founder Eric Yuan, this also marked Yuan's first-ever investments in an Indian tech startup.
