Arzooo Raised Series A Funding of $7.5 Million
rzooo is a B2B (business-to-business) firm of the Retail-tech Industry founded in 2016. Last week Arzooo raised Series A funding of $7.5 million which was led by WRVI Capital. The startup company is set to upgrade technology and expansion of its market with the help of this large fund of venture capital.
Arzooo As A Retail-tech Company
This company was founded in 2018, in Bengaluru. The co-founders are Khushnud Khan, Rishi Raj Rathore (Former Executives of the Flipkart company) Arzooo provides service in more than 10 cities in India. Cities like- Delhi-NCR, Chennai, Hyderabad, etc.
Among many of the startup business companies that India has, Arzooo is one of the most popular and highly esteemed firms in the B2B sector. This amount of raise in funding is a pretty big deal for a company like this.
The technology platform Go Store provides solutions to offline retailers. They provide financial solutions and virtual inventories to those retailers. The founders wish to scale the business up to having 50,000 retailers by next year.
They have launched a credit lending product which is fully digital named- Arzooo Credit. This product is a solution that offers credits to its partner stores from the range of 1,00,000 Rs to 10,00,000 Rs. In order to help with the capital funding purposes of those stores.
WRVI Capital and other investors of Arzooo
WRVI Capital is a Venture Capital company that was established in 2011. This company invests in entrepreneurial companies that seem exceptional to them. They focus on disruptive technology-based ventures mostly and gather investors.
WRVI Capital provides the firms and startups with early-stage venture capital. And now they are investing in Arzooo, along with the other existing investors the startup has- Jabbar Internet Group from UAE, 3Lines Venture Capital.
Plans With Funding
The founders of the company are planning to utilize the funding to increase the scale of their business. Hence, they will be expanding their coverage cities. They will be setting up stores in the Eastern regions as well as the Western regions of India.
They have a structured plan of strengthening the tech platform Go Store as well. The co-founder, Khushnud Khan has stated,
“The current fundraise will help us boost our technology, quality of service, and reach to fulfill our goal of equipping each retail store with technology to grow and perform a profitable business.”
The fact that Arzooo raised series A funding of $7.5 million, according to experts, may integrate the localized demand-supply ratio along with the startup’s tech advancement, ushering it into a great scalable magnitude in the industry.
Saiyara Mahjabin Adrita
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