Digital inventory platform Arzooo raised undisclosed funding in extended Series B round
The retailer-focused digital inventory platform Arzooo has raised an undisclosed sum from its current investors as part of an extended Series B funding round.
The company’s current investors include Celesta Capital, 3 Lines VC, Japan-based SBI Holdings, and Trifecta Leaders Fund, though the precise amount is still unknown.
This comes after the June 2022 announcement of Arzooo’s first $70 million Series B funding round. Arzooo also acquired a debt of Rs 20 crore ($2.4 million) from Tirifecta in September. Sources claim that Arzooo has been having trouble raising money for a bigger equity round.
Arzooo intends to deepen its focus on the consumer durable market in India, bolster its technological infrastructure, and increase operational efficiency with the help of this additional funding.
Arzooo is a real-time reverse auction e-commerce platform for buying and selling electric appliances, including air conditioners, televisions, and refrigerators.
Gostor.com, a consumer platform that brings its partner offline stores online, was recently launched by Arzooo, a company founded by former Flipsters Khushnud Khan and Rishi Raj Rathore. With the launch of the B2C platform, retailers can now sell directly to customers, expand their business through online sales, and become less reliant on foot traffic to their stores.
The gross revenue of Arzooo increased by 4.3 times to Rs 1,117 crore in FY22 from Rs 259 crore in FY21. In FY22, the company’s losses increased 3.5 times to Rs 63 crore. It has not yet submitted FY23 figures.
