Retailer-focused digital inventory platform Arzooo has raised undisclosed amount in its extended Series B funding round from its existing investors.
While the exact amount remains undisclosed, the company’s existing investors include Japan-based SBI Holdings, Trifecta Leaders Fund, Celesta Capital and 3 Lines VC.
This follows Arzooo’s initial $70 million Series B round announced in June 2022. In September, Arzooo also picked up Rs 20 crore ($2.4 million) in debt from Tirifecta. As per sources, Arzooo has been struggling to raise a larger equity round.
With this additional funding, Arzooo plans to strengthen its technological infrastructure, improve operational efficiency, and deepen its focus on the consumer durable market in India.
Arzooo is a real-time reverse auction-based e-commerce platform for electric and home appliances such as refrigerators, air conditioners, and televisions among others.
Founded by ex-Flipsters Khushnud Khan and Rishi Raj Rathore, Arzooo recently launched gostor.com a consumer platform taking it’s partner offline stores online. The newly launched B2C platform enables retailers to sell their goods directly to consumers and grow their business by participating in online sales and reducing dependence on store footfalls.
Arzooo’s gross revenue grew 4.3X to Rs 1,117 crore in FY22 from Rs 259 crore in the previous fiscal year (FY21). The company’s losses spiked 3.5X to Rs 63 crore in FY22. It is yet to file FY23 numbers.