Retail tech startup Arzooo to launch B2C platform to support offline stores in customer acquisition
- ByStartupStory | July 28, 2022
Arzooo, a B2B retail tech firm, is preparing to introduce a new B2C digital platform for physical retail establishments to aid in client acquisition. According to a person familiar with the situation, the firm intends to invest between $6 million and $8 million in the launch of a new product. According to the source, a large amount of the financing to construct and grow the product would come from Arzooo’s recent $70 million Series B fundraising round.
Arzooo stated in its funding announcement in June that it will use the new capital to strengthen its digital infrastructure and expand its company. According to the source, “the current retail stores on Arzooo’s new B2B platform will now have a distinct digital channel to reach out to their consumers and drive up sales.” “There are also certain payment items on the way to modernize offline retail businesses with better & smart payment options.”
The B2C platform has been in trial mode for over a month, and Arzooo hopes to launch it formally during the first week of August. In the initial phase, the platform would be introduced in the southern Indian states. Arzooo was launched in 2018 by Khushnud Khan, a prominent Flipkart executive, and Rishi Raj Rathore. The firm now operates a retail technology platform that assists offline merchants, notably those in the consumer electronics sector, in resolving sourcing issues and purchasing many items from a single platform. It gives merchants easier access to a large range of stock-keeping units (SKUs) from leading and developing companies.
Arzooo also assists offline retail establishments in growing their businesses by giving finance. Arzooo Credit, a financial model coupled with the startup’s commerce platform, enables merchants to sell things first and pay back a month later. “Arzooo’s next offering, the B2C platform, would provide offline businesses with a digital presence, beginning with a digital storefront for every store.” These will not be your average marketplace postings. “These are true digital shops where consumers can visualize, go into the store while sitting at home using the video capacity that we are developing, pick things, and shop,” the source explained.
Arzooo’s backers include Japan-based SBI Investment, Trifecta Leaders Fund, Celesta Capital, and 3 Lines VC. In 2020, Zoom app creator Eric Yuan & Silicon Valley venture financier Bill Tai both invested in the firm. While the Indian retail business is mostly unorganized, a new analysis predicts that the percentage of contemporary retail, including e-commerce, will climb to 30 percent-35 percent over the next 3-5 years, while traditional retail would decline to 65 percent-70 percent. The number of online shoppers in the country is predicted to increase from 150 million in 2020 to 500 million by 2030.
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