Arzooo, a B2B retail tech startup from Bangalore, announced that it has raised $7.5 million (about Rs 55.3 crore) in Series-A funding led by US-based WRVI Capital.
Arzooo’s existing investors — 3Lines Venture Capital, another US-based investor, and Jabbar Internet Group of UAE — also participated in the Series A round. The retail tech startup will leverage funds for tech upgradation and market expansion, it said in a statement.
“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,” said Khushnud Khan, co-founder, Arzooo.
The company currently has a strong presence in more than 10 Indian cities and with this funding it plans to expand operations in eastern and western parts of the country too.
Arzooo recently announced a digital credit system that provides a working capital cushion to its partner stores, especially during the time when the retail is just on its way to recovery from the effect Covid has had. With Arzooo Credit, retailers can avail credit ranging from Rs 1 lakh-10 lakh on Arzooo platform. Currently, the service is open to over 5,000 retailers across 10 cities.
The startup also aims to ramp up Go Store, its tech platform. Go Store is a unique technology platform that resolves problems of selection, price and complex supply chain and sourcing for offline retailers. The company also plans on partnering with 50,000 retailers next year.