Retail technology firm Arzooo has raised USD 70 million (about Rs 550 crore) in a funding round backed by Japan-based SBI Investment, and Trifecta Leaders Fund, the company said on Wednesday.
Online food ordering company Doordash founder Tony Xu also invested in the series B round of fund raising, making Arzooo his first India investment. Existing investors, including Celesta Capital and 3 Lines VC too participated in the round. The company had previously raised funds from Celesta and 3 Lines, followed by an investment from Zoom founder Eric Yuan.
“Arzooo will utilize its latest funding to scale its technological might focused on scaling stores’ growth end-to-end and market expansion for the platform as Arzooo continues to deepen its vertical play in the USD 65 billion consumer electronics market in India,” it said in a statement. Founded by Khushnud Khan and Rishi Rathore, Arzooo is building tech platform for transforming offline retail in India.
This round was oversubscribed 1.4 times, the company said. Arzooo claims to have all-India presence with reach to over 30,000 retailers. “Arzooo’s business model is very capital efficient and can meet the increasingly diversified requirement of both retail shops and end customers. It is also great for them to have built a self-branded functional logistics system, which is one of the most important parts of the business,” SBI Investment chairman and president Yoshitaka Kitao said.