Venture Capital

Arzooo, a retail-tech startup, raises $6 million from Trifecta Capital

Read more at economictimes.indiatimes.com

Mumbai: Arzooo has raised $6 million from venture debt fund Trifecta Capital, as the B2B retail-tech company aims to hit a sales run rate of $500 million this year.

The Bengaluru-based startup raised $7.5 million in its Series A round in October last year, led by WRVI Capital, Zoom Video founder Eric Yuan and existing investors. Its early backers include US-based 3Lines Venture Capital and Jabbar Internet of the United Arab Emirates.

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“This capital will be used to fuel growth, with the network expansion and scaling up our supply chain capabilities to deliver better services to our partner stores,” Khushnud Khan, chief executive and co-founder of Arzooo.com, said in a statement.

Arzooo enables partner stores to overcome the limitations of physical retail and offer their customers the largest selection of inventory, best price and fastest delivery, without having to stock everything. This is backed by attractive payments and financing solutions to drive up sales and in-store conversions.

The company currently operates across 10 cities in the south, north and east and will soon scale up operations in Mumbai, rest of Maharashtra and Gujarat.

Arzooo, founded in 2018 by ex-Flipkart colleagues and IIT-Kharagpur alumni Khan and Rishi Raj Rathore, has enabled more than 7,000 partner stores to grow sales and compete with bigger sellers and online marketplaces such as Amazon, Flipkart, ShopClues and vertically integrated startups such as Zefo.

The company said it will channelise the funds to ramp up supply chain infrastructure with technology and operational capabilities to serve more 50,000 retail stores and improve the speed of delivery, service experience and operational efficiency.

“Neighbourhood 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 continue supporting them as they grow their footprint going forward,” said Rahul Khanna, managing partner, Trifecta Capital.

Read more at economictimes.indiatimes.com

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