Source: Money Control
B2B Retail-tech firm, Arzooo on Tuesday said it has raised $7.5 million (about Rs 55.3 crore) in a funding round led by US-based WRVI Capital.
Arzooo’s existing investors, 3Lines Venture Capital, another US-based investor and Jabbar internet of UAE also participated in the Series A round, a statement said.
The startup will leverage funds for tech-up-gradation and market expansion, it added.
Arzooo was founded by Khushnud Khan and Rishi Raj Rathore in 2018 and currently operates in Bengaluru, Delhi-NCR, Chennai, Kolkata and Hyderabad.
The company said it will scale operations in Eastern and Western regions of the country, and ramp its tech platform – Go Store.
The company aims to serve 50,000 retailers in the next year.
"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 fundraise will help us boost our technology, quality of service and reach to fulfil our goal of equipping each retail store with technology to grow and perform profitable business,” Arzooo co-founder Khushnud Khan said.
Arzooo had recently announced the launch of its digital credit lending product, Arzooo Credit for offline retailers that offers working capital to Arzooo’s partner stores.
With Arzooo Credit, retailers can avail from Rs 1-10 lakh credit on Arzooo platform.
At present, the service is open to over 5,000 retailers across 10 cities.