[Funding Alert] Arzooo Raises $7.5 Mn In Series A Funding Led by WRVI Capital
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The retail-tech startup Arzooo on Tuesday announced it has raised $7.5 million in Series A funding led by WRVI Capital. Its existing investors 3Lines Venture Capital with another US-based investor and Jabbar Internet of UAE also participated in the current round.
The startup will leverage funds for tech-upgradation and market expansion. It is a retail technology venture empowering physical retailers to compete and grow against e-commerce platforms such as Amazon and Flipkart, with its technology platform.
“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 fundraising 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,” said Arzooo co-founder Khushnud Khan, commenting on the fund raised.
The company has recently announced the launch of its new digital credit lending product Arzooo Credit, for offline retailers that will offer working capital cushion to its partner stores, especially during the time when the retail is just on its way to recovery from COVID-19 impact.
“Arzooo has in less than two years, through its initial focus on $50 billion consumer durable segments, demonstrated a highly scalable product market fit, especially in a country where local medium and small retailers dominate the market. Arzooo’s technology and localized demand-Supply integration offers great scalability to retail stores for both product expansion and profitability, which is a win-win for all,” added WRVI Capital India managing partner Sudhir Rao.
Arzooo, which currently operates in Bengaluru, Delhi-NCR, Chennai, Kolkata, Hyderabad will be scaling operations in eastern and western regions of the country. The startup will also channelize funds to ramp its tech platform Go Store. The company aims to serve 50,000 retailers in the next year.