• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Saturday, May 24, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home India News

Retail platform Dukaan raises $11 million from Ritesh Agarwal, Carl Pei among others

by Balraj
September 7, 2021
in India News, Startups, Tech
Reading Time: 2 mins read
0
Dukaan logo displayed on iPhone 11

Illustration: TechStory × Freepik (Raw Pixel)

TwitterWhatsappLinkedin

Dukaan, a retail tech startup, has secured $11 million in a pre-series A round driven by 640 Oxford Ventures. The round also featured existing investors Snow Leopard Ventures, Lightspeed Partners, and Matrix Partners India along with Venture Catalyst and new venture firms HOF Capital, LetsVenture, AppyHigh, Old Well Ventures, and 9Unicorns.

You might also like

Ola Electric’s ₹1,700 Cr Debt Raise Signals a Bold Pre-IPO Bet

Weekly Business News: From Krispy Creme Acquisition to Builder.ai Bankruptcy

Weekly Startup Funding News: Indian startups raised $232 Mn this week; from CloudSEK to Mythik

Dukaan logo displayed on iPhone 11
Illustration: TechStory × Freepik (Raw Pixel)

Angel investors including Ritesh Agarwal from OYO and Carl Pei from Nothing also participated in the round investing an undisclosed sum in the Bangalore-based startup, which has raised more than $17 million so far and is currently valued at $71 million.

The fresh capital according to the company’s co-founder and CEO Suumit Shah will be used to gradually expand the startup’s operations, including the hiring of more experienced designers and developers to its workforce. Furthermore, the funds will be used to shape important strategic partnerships in order to expand its paying merchant base.

Adding further Shah said, “We started with our monetization journey on a small merchant base last quarter, and more than 2000 merchants have enrolled in our Dukaan premium subscription plan so far. Premium subscription is just one of the revenue streams, which contributes roughly 10% to our revenues.”

Dukaan’s latest funding follows just a year after it raised $6 million in a seed round in October 2020. It’s worth mentioning that Dukaan was in late-stage discussions with US-based hedge fund Tiger Global Management for a bigger investment, but the deal ended up falling for unspecified reasons.

Rajinder Balaraman, Director, Matrix India said on the development, “Small businesses are digitizing faster than ever in India’s history and Dukaan’s simple yet effective SaaS product has struck a chord with these customers and enables them to grow their business online.” 

Dukaan, which was founded in June of last year by Suumit Shah and Subhash Choudhary, is a no-code platform that enables small retail outlets and entrepreneurs to set up and manage an e-commerce website on the internet within a few minutes. Each Dukaan-powered e-commerce website is highly customizable in terms of aesthetics and functionality. Furthermore, Dukaan customers can integrate their unified payments interface (UPI) into their website and begin accepting payments through a wide range of digital payment channels including credit card, debit card, UPI, and digital wallets.

The platform has benefited more than 3.5 million Small and Medium-sized Enterprises (SMEs) since its inception and has handled over 1.5 million transactions so far. Dukaan competes aggressively with Sequoia and Tencent-backed Khatabook, along with Lightspeed and Tiger Global-backed OkCredit. Compared to its competition, the Bangalore-based startup claims itself as the market leader.

In October of last year, Khatabook incorporated MyStore, an offline-to-online platform. Whereas OkCredit introduced an online storefront for kiranas shops under OkShop in November 2020 to start competing with Dukaan’s existing services.

Tags: AppyHighCarl PeiDukaanHOF CapitalLetsVentureLightspeed PartnersNothingOld Well VenturesOYORitesh AgarwalSnow Leopard Ventures
Tweet54SendShare15
Previous Post

House reps send letter to Yahoo’s CEO from four years ago

Next Post

What is Bitcoin day? Here’s how you can participate!

Balraj

Balraj writes about Startup, Business, Technology related news on Techstory... For Business Enquires related to TechStory; Get in touch on: [email protected]...

Recommended For You

Ola Electric’s ₹1,700 Cr Debt Raise Signals a Bold Pre-IPO Bet

by Ishaan Negi
May 24, 2025
0
Ola Electric Faces Insolvency Petition From Vendor Over Unpaid Dues

In a significant financial move ahead of its highly anticipated IPO, Ola Electric has received board approval to raise ₹1,700 crore through non-convertible debentures (NCDs). This is the...

Read more

Weekly Business News: From Krispy Creme Acquisition to Builder.ai Bankruptcy

by Ishaan Negi
May 24, 2025
0
Weekly Business News: Top business updates in this week

Zepto Cafe’s Sudden Pause Shakes Up Quick Commerce In a surprising move, Zepto — one of India’s fastest-growing quick commerce startups — has temporarily paused operations of its...

Read more

Weekly Startup Funding News: Indian startups raised $232 Mn this week; from CloudSEK to Mythik

by Ishaan Negi
May 24, 2025
0
Weekly Startup Funding News: Indian startups raised $196 Mn this week; from Emiza to Leap

After weeks of tepid activity, India’s startup ecosystem sprang back to life between May 19 and 24, 2025, with a strong influx of capital, renewed investor confidence, and...

Read more
Next Post
Swedish drug dealers get $2.3 million in crime bonuses due to authorities’ lack of understanding of cryptocurrency

What is Bitcoin day? Here's how you can participate!

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?