Weeks after securing a multi-million-dollar round of investment, Sterne India, the Bengaluru-based firm that owns and operates B2B (business to business) retail-tech startup Arzooo, has announced a fundraise from video conferencing platform Zoom’s founder Eric Yuan and Silicon Valley based venture capitalist Bill Tai.
The undisclosed investment is the first such bet from Yuan India. It will be deployed to scale Arzooo’s technology, operations, and quality of service, the company said, adding that some of the capital will also be utilized to ramp up its B2B technology platform -- Go Store.
Go Store solves the problem of selection, pricing, supply chain, and sourcing for offline retailers, and will be made available to 50,000 businesses over the next year, according to a statement.
Tai is one of the early backers of Twitter, Zoom, Canva, and ColorGenomics.
"Arzooo has proven its ability to create massive efficiency for operators across thousands of stores by leveraging data to create network effect efficiency in supply chain, distribution, and logistics... The result is better selection and pricing for customers throughout the system. This investment should fuel a 10X growth for Arzooo as it accelerates strongly,” he said.
Founded by former Flipkart employees Khushnud Khan and Rishi Raj Rathore in 2018, Arzooo claims to overcome limitations of physical retail to give offline stores a way to compete and grow against bigger sellers and ecommerce companies.
The platform has worked with over 5,000 retail stores across 10 cities, including Bengaluru, Delhi-NCR, Chennai, Kolkata, and Hyderabad.
Excluding the latest investment, the company has so far raised close to $9 million, according to data from VCCEdge.