B2B retail tech firm Arzooo bags $70 million in the Series B round of funding led by SBI Investment
- ByStartupStory | June 29, 2022
Arzooo, a B2B retail technology platform, has raised $70 million in a Series B round led by SBI Investment, a subsidiary of Japan’s SBI Holdings, and Trifecta Leaders Fund. Existing investors such as Celesta Capital and 3 Lines VC also participated. Tony Xu, the founder of American food delivery company Doordash, also participated in the new round. This is Xu’s first venture into India. SBI Holdings recently invested in Solv, a B2B digital marketplace for MSMEs backed by Standard Chartered.
The Bengaluru-based company previously raised $7.5 million in Series A funding from Celesta and 3 Lines, followed by a $6 million debt fund from Trifecta in February 2021 and investment from Zoom founder Eric Yuan in October 2020. The company is estimated to be worth more than $300 million. During the most recent equity round, the company was valued at around $32 million.
Arzooo will use its latest funding to expand its technology infrastructure, scale store growth, and market expansion. Arzooo, founded four years ago by ex-Flipkart executives Khushnud Khan and Rishi Raj Rathore, is a real-time reverse auction-based e-commerce platform for high-value branded goods such as refrigerators, and air conditioners, and televisions.
The platform gives retailers access to a wide range of SKUs from both established and emerging home appliance brands. Arzooo claims to have a pan-India presence and is already powering over 30,000 retailers, enabling them to scale without the challenges of extensive inventory holding and pricing access.
Arzooo Credit, a digital credit lending product, offers up to 20 lakh loans to its partner stores for working capital purposes. Arzooo has grown rapidly, as evidenced by its financial performance in the fiscal year ending March 2021. Operating revenue increased by 22.5% to Rs 258.73 crore in FY21 from Rs 211.16 crore in FY20.
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