Business 2 business retail tech platform known as Arzoo just came out to announce that the company has received investments amounting to $ 70 million USD in their latest round of funding. This was a round B of investments and it was primarily contributed by SBI Investment and Japan and Trifecta Leaders Fund. The creator of American food delivery app, Deliveroo, Mr. Tony Xu also contributed in investing in the start-up company. This marked his maiden funding in an Indian based start-up company.
Mr. Khushnud Khan who is one of the creators and the chief executive officer of the company gave his thoughts on the investments. He said that he is very happy to onboard the new funders of the company and that they are very happy that they believe in the company as they received 1.4 times than what they were expecting to receive in funds. He went on to say that he is very happy to have some talented groups of people that will help to grow the company and make it a staple in its industry.
Many other companies that previously funded the company such as 3 Lines VC and a few others also continued to support the company and chipped in this latest round. The creator of Zoom which has blown up over the past 2 to 3 years also took part in the previous round of funding.
The company’s spokes people went on to say that the funds will be firstly used to scale up the business and also improve on their technology. They also plan to put a strong foot down in to the consumer electronics industry in the country which is currently valued at around $ 65 billion USD. The company is already present all over the nation but will be looking to increase their footing in the country.
Arzooo is a platform that connects consumers and offline retailers. According to them, their Go Store has a much more wider range of products than other e-commerce retailers in the country such as Myntra, Ajio, and Flipkart by at least five times. The company has well over 25,000 retail stores under their wing and will be looking to increase that number quickly. In fact, the people that established this start-up company worked at Flipkart previously which is where they met.
The start-up company was created 4 years ago back in 2018 and its head office is naturally situated in Bangalore.