Bengaluru-based B2B retail tech firm Arzooo has raised an undisclosed amount led by Zoom meeting app founder Eric Yuan and Silicon Valley venture capitalist Bill Tai. Bill Tai has 22 IPOs to his credit and was among the very first investors in Twitter, Zoom Video, Wish.com, Canva, and ColorGenomics.
Founded in 2018 by ex-Flipkart colleagues and IIT-Kharagpur alumni Khushnud Khan and Rishi Raj Rathore, Arzooo is disrupting the offline retail space by empowering offline stores to compete effectively with larger ecommerce websites.
In an exclusive interaction, Khushnud Khan, Co-founder of Arzooo.com, said,
“Having one of the biggest tech entrepreneurs, who has built a $100 billion technology company with Zoom, is a great addition to the team. Alongside the investment, Eric’s entrepreneurial journey and experience will be a great intellectual capital for us.”
The startup helps its partner electronics retail stores address their persistent problem of inventory selection, pricing, and sourcing supply chain.
The startup, through its Go Stores, aims to solve the big problem of selection, price, and complex supply chain and sourcing for offline retailers. It aims to serve 50,000 retailers in the next year.
In July this year, the platform announced the launch of its new digital credit lending product, Arzooo Credit, for offline retailers. This will offer working capital cushion to Arzooo’s partner stores as the sector recovers from the impact of COVID-19.
With Arzooo Credit, retailers can avail from Rs 1,00,000 to Rs 10,00,000 credit on Arzooo platform. At present, the service is open to over 5,000 retailers across 10 cities.
In October 2020, the startup had raised $7.5 million in its Series A funding led by WRVI Capital.