B2B retail tech startup Arzooo said it has raised fresh funding from its existing investors as part of its extended Series B round. However, the startup neither mentioned the name of the investors nor the funding amount.
The startup last raised $70 Mn in its Series B funding round in 2022 from Japan-based SBI Investment, Trifecta Leaders Fund, Celesta Capital, 3 Lines VC, and Doordash founder Tony Xu.
In a statement, Arzooo said it would use the fresh funds to strengthen its technological infrastructure, improve operational efficiency, and deepen its focus on the consumer durable market in India.
Founded in 2018 by former Flipkart executives Khushnud Khan and Rishi Raj Rathore, the startup offers a technology platform to help retailers in the consumer electronics space digitise their businesses. It claims to provide retailers of white goods, televisions, mobiles, and small appliances access to over 20,000 products.
Arzooo also provides working capital credit of up to INR 20 Lakh to the retailers. It claims to have helped over 50,000 retail stores digitise themselves till date.
In the statement, Arzooo said it recently also launched gostor, an ecommerce platform for electronics. The B2C platform enables retailers to sell their goods online to consumers. Retail consumers can buy televisions, refrigerators, washing machines, air conditioners, mobiles, laptops, among others from gostor.
Arzooo said it also launched its consumer durable brand ‘NU’ last year. The startup sells air conditioners, televisions and washing machines under the NU brand name by leveraging its network of offline stores. Besides, products under the brand are also sold on gostor, Amazon, and Flipkart.
The startup reported a 3.5X year-on-year (YoY) rise in its net loss to INR 62.7 Cr in the financial year 2021-22 (FY22), while operating revenue zoomed 4X to INR 1,117.4 Cr.
Overall, it had raised $83.5 Mn ahead of the latest funding round. Arzooo competes with the likes of Dukaan, Streetz and ace turtle.
As per Inc42 data, the Indian ecommerce market for smartphones is expected to surge to a size of over $72 Bn by 2030 while electronics and appliances market is estimated to reach a size of over $68 Bn.
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