Bangalore: Arzooo.com, one of India’s B2B retail technology startup has raised $1 million Pre-Series A funding led by Jabbar Internet Group, that founded Middle east’s largest e-commerce platform Souq.com and a consortium of investors from India and United Kingdom.
Arzooo’s tech platform “Go Store” enables physical retail stores and businesses go digital and helps them solve challenges around selection, price and complex supply chain and sourcing. The platform thus, empowers physical retailers to compete and grow in the age of online shopping. It helps a partner store to offer its customers the largest selection, best prices and fastest delivery, without having to stock every item.
“With Arzooo Go Store, we have made an immediate and measureable impact to physical retailers. Not only are our retailers empowered with increased earnings, they are now put on the same pedestal to compete with the ecommerce giants,” said Khushnud Khan, Co-Founder & CEO, Arzooo.com said
“This fresh round of funding will give us impetus to better solve the challenges faced by retail partners, expand to newer geographies while constantly innovating our disruptive technology offering,” added Khan.
The startup currently has 500 partner stores on its platform and intends to own 20% of the consumer electronics market share by 2020.
Arzooo.com via the Go Store platform addresses the problem of price, selection and storage for the physical retailer using its technology that bridges the gap of a single point product sourcing from manufacturers and an expansive product offering with the digital catalogue.
With the fresh infusion of pre-series A funds, Arzooo.com plans to expand its geographic presence pan India. Today the company has physical retailers on-board across 3 major cities of Bangalore, Hyderabad and Chennai. The company will invest a sufficient portion of the funds in product enhancement, new talent recruitment and improvement of Go Store technology to encompass wider network of cross sector retailers.
“Addressing key challenges of selection and price in consumer electronic retail segment, Arzooo.com is at the cusp of revolutionizing the space. We are confident that the Arzooo Go Store technology when integrated across a broad category of retail will have a positive impact on economies of scale. Backing this venture, we foresee a disruption in physical retail in India with an immediate impact on sustainable business in the traditional format of onground touch and feel sales, better leveraged by technology,” said Hussam Khoury, President – Jabbar Internet Group, UAE.
(Image credit – Arzooo.com)