Retail tech startup Arzooo raises $6 million from Trifecta Capital
Funds will be used to improve technology and operational capabilities to “ramp up supply chain infrastructure” and serve over 50,000 retail stores
February 24, 2021 / 09:11 AM IST
Retail technology startup Arzooo has raised $6 million from venture debt fund Trifecta Capital, the company said on February 24.
Khushnud Khan, CEO, and Co-Founder of Arzooo.com told The Economic Times that the capital will be used to “fund growth, with the network expansion and scaling up our supply chain capabilities to deliver better services to our partner stores
Funds will be used to improve technology and operational capabilities to “ramp up supply chain infrastructure” and serve over 50,000 retail stores, the company said. It also plans to improve delivery speed and service experience.
“Neighbourhood stores are a fantastic channel to drive digitisation, inventory expansion, and price competitiveness over online retailers. Arzooo has seen a strong demand recovery post the COVID-19 lockdown. We look forward to continuing supporting them as they grow their footprint going forward,” said Rahul Khanna, managing partner, Trifecta Capital said.
This funding round comes as the firm touched sales run rate of $500 million this year and raised $7.5 million in October 2020 through Series A funding from Zoom Video founder Eric Yuan, WRVI Capital, and existing investors.
Arzooo counts UAE’s Jabbar Internet and US-based 3Lines Venture Capital among its early backers.
The Bengaluru-based firms provide over 7,000 partner stores in 10 cities solutions to “overcome limitations of physical retail and offer customers competitive inventory, pricing, and delivery without stocking everything.” It will soon scale operations to Mumbai, Maharashtra, and Gujarat, as per the report.
Arzooo was founded in 2018 by IIT-Kharagpur alumni and ex-Flipkart employees Khan and Rishi Raj.