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.