Arzooo, an Indian startup trying to bring “the best of e-commerce” to physical retail stores, has raised $70 million in a new round of funding when it wants to expand its platform to more cities.
SBI Investment and Trifecta Leaders Fund led the Series B funding of the Bengaluru-based startup. Tony Xu, founder of Doordash, Celesta Capital and 3 Lines VC also invested in the new round.
Millions of retail stores in India are struggling to compete with larger retail chains and e-commerce giants Amazon and Flipkart because they do not offer a wide selection of items and cannot offer customers the best price.
Founded by two former Flipkart stars, Arzooo is trying to solve this problem by working with big brands to secure large inventories and sell them to retailers at better prices. The four-year-old startup also provides working capital to these businesses, giving them a revolving line of credit of up to $25,300.
The start-up, which is currently active in electronics and home appliances, providing stores with access to more than 10,000 different products, says it operates more than 30,000 retail stores across the country. India.
In an interview, Khushnud Khan, co-founder and chief executive officer of Arzooo, said: “Consumers have been walking in and out of these stores because of the price, we can help with that. this problem.
“These are stores in the bottom tier of the value chain. They don’t have access to a good escrow chain like Reliance Retail, Croma and Amazon have said. They are sandwiched between two people,” he explained.
This is an evolving story. More to follow…