Saturday, March 02, 2024
Outlook.com
Outlook India
Outlook Business

B2B Arzooo Secures Funding Boost In Extended Series B Round

B2B Arzooo offers a technology platform to help retailers in the consumer electronics space to digitise their businesses

B2B Arzooo Secures Funding Boost In Extended Series B Round
POSTED ON January 30, 2024 1:40 PM

Retail technology venture helping offline stores, Arzooo has raised Series B funding, securing additional investment from its existing investors, the company said in a statement. The exact amount of the deal remains undisclosed. 

This follows Arzooo's initial $70 million Series B round announced in June 2022, which attracted global and Indian VCs like SBI Investment, 3 Lines, Trifecta, and DoorDash founder Tony Xu.  

The company is planning to strengthen its technological infrastructure, improve operational efficiency, and deepen its focus on the consumer durable market in India, it further added in the statement.  

Arzooo recently launched gostor.com a consumer platform taking its partner offline stores online. The newly launched B2C platform enables retailers to sell their goods directly to consumers and grow their business by participating in online sales and reducing dependence on store footfalls.  

For consumers gostor.com promises to be a specialty Large appliances shopping platform with the largest range of products at one destination, backed by thousands of local stores, the capability gives Arzooo’s gostor an edge over other B2C retailers in terms of supply chain cost, speed, and profitability. 

The company also expanded its stake in white goods with the launch of a consumer durable brand “NU” last year, it added in a release. NU promises to make premium products accessible to all. Launched in three product categories of Air-conditioners, Television and Washing Machines, NU bases its product philosophy on the core of design, technology, and performance.  

Arzooo has been leveraging its distribution network of offline stores to spread its reach while also selling online on gostor.com, amazon, and Flipkart, it added. 

In the financial year 2021-22 (FY22), the startup witnessed a 3.5X year-on-year (YoY) surge in its net loss, reaching Rs 62.7 crore. However, its operating revenue experienced a remarkable 4X increase, reaching Rs 1,117.4 crore. The start-up had secured $83.5 million in funding before the most recent funding round.  

  • Related Articles

    The news comes after reports of Prosus NV, a Netherlands-based global investment firm, sent a notice to Ranjan Pai

    Ranjan Pai Considering Additional Investment of $50-60 Million To Fuel Growth of  Aakash Institute: Report

    BLS E-Services which offers business correspondence services to major banks proposes to utilise net proceeds from the fresh issue to strengthen its technology infrastructure, among others.

    BLS E-Services Collects Rs 126 Crore From Anchor Investors Ahead Of IPO

    The directive came after CloudSEK in its report last week said that its researchers have found that CYBO CREW affiliates CyboDevil and UNIT8200 have recently advertised Indian Mobile Network Consumer...

    Cybersecurity Co Claims Data Leak Of 750 Million Telecom Users, DoT Asks Telcos For Security Audit