The US-based WRVI capital is investing $7.5 million B2B Retail Tech Startup Arzooo

Bengaluru-based B2B retail tech startup Arzooo raises $7.5 million (or about Rs 55 crore) in the second tranche of its Series A funding round led by US-based leading venture capital firm WRVI Capital.

Other existing investors including UAE-based venture capital and private equity firm Jabbar Internet Group and US-based venture fund 3Lines also participated in the funding round.\

• Arzooo is one of India’s fastest growing B2B retail tech startup for the electronic segment products.
• With this latest funding, The startup has raised $8.8 million in a total of four funding rounds.
• The startup also plans to scale its business operations in Eastern and Western regions of the country.

The startup will use this fresh funding to scale its business operations in the Eastern and Western regions of the country. Alongside this, The startup plans to upgrade its technology and improve product development.

In May 2018, Arzooo first raised $300k (or about Rs 2 crore) in its Seed funding round led by Omphalos Ventures India LLP.

Following, In June 2019, The startup had raised $1 million (or about Rs 7 crore) in its second tranche of a Seed funding round led by Jabbar Internet Group.

In December 2019, Arzooo raised an undisclosed amount of funding in its first tranche of Series A funding round led by 3Lines.

With the latest investment, The startup has raised more than $8.8 million (or about Rs 64 crore) in a total of four funding rounds.

Also Read: Blue-Collar Job Platform Betterplace Raises $10 Million From Singapore-Based Jungle Ventures

Commenting on the development, Arzooo co-founder Khushnud Khan, says, “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 fulfill our goal of equipping each retail store with technology to grow and perform a profitable business,” he added.

Currently, Arzooo is operational in Bengaluru, Delhi-NCR, Chennai, Kolkata, and Hyderabad, Arzooo planning to expand its services in the Eastern and Western regions of the country.

“Arzooo’s technology and localized demand-supply integration offer great scalability to retail stores for both product expansion and profitability, which is a win-win for all,” said Sudhir Rao, Managing Partner of WRVI Capital India.

In July 2020, The startup announced the launch of its new digital credit lending product, which offers credit capital to Arzooo partnered stores. Through this new product, Offline partnered retailers can avail of Rs 1 lakh to 10 lakh credit on the Arzooo platform.

At present, Arzooo is offering credit service to over 5,000 partnered retailers across 10 operational cities.

About Arzooo –Arzooo is a Bengaluru-based B2B electronic retail tech startup founded in 2018 by the Ex-Flipkart colleagues and IIT Kharagpur alumni, Khushnud Khan and Rishi Raj Rathore. The startup helps its partnered stores and businesses address their persistent problem of inventory selection, product pricing, inventory management, and sourcing supply chain of the products.

Arzooo Go store is India’s fastest growing Integrated Retail Network for consumer electronics with over200+ stores powered by Arzooo technology and growing fastly, helping businesses to succeed.

Source: STARTUPNEWS