Arzooo Secures Additional Funding in Extended Series B Round
- ByStartupStory | January 29, 2024
Arzooo, the retailer-focused digital inventory platform, has successfully raised an undisclosed amount in its extended Series B funding round from existing investors, including Japan-based SBI Holdings, Trifecta Leaders Fund, Celesta Capital, and 3 Lines VC.
While the exact amount remains confidential, this development comes on the heels of Arzooo’s initial $70 million Series B round announced in June 2022. In September of the same year, Arzooo also secured Rs 20 crore ($2.4 million) in debt from Tirifecta. Sources suggest that the company faced challenges in raising a larger equity round.
With the additional funding, Arzooo aims to fortify its technological infrastructure, enhance operational efficiency, and intensify its focus on the consumer durable market in India.
Arzooo operates as a real-time reverse auction-based e-commerce platform specializing in electric and home appliances, including refrigerators, air conditioners, and televisions, among others.
Founded by ex-Flipsters Khushnud Khan and Rishi Raj Rathore, Arzooo recently introduced gostor.com, a consumer platform that takes its partner offline stores online. This newly launched B2C platform empowers retailers to directly sell their products to consumers, enabling business growth through participation in online sales and reducing dependence on store footfalls.
Arzooo reported a notable growth in gross revenue, reaching 4.3 times the previous fiscal year, amounting to Rs 1,117 crore in FY22 from Rs 259 crore in FY21. However, the company also experienced a surge in losses, which spiked 3.5 times to Rs 63 crore in FY22. As of now, the company is yet to file its FY23 financial numbers.
The extended Series B funding positions Arzooo for strategic expansion and innovation, marking a pivotal phase in the company’s journey to reshape the dynamics of digital inventory management and consumer engagement in the Indian retail landscape.
Also Read
Follow Startup Story
Related Posts
