The startup Arzooo, working on the retail-technology is operated by Sterne India Pvt. Ltd. The venture recently raised funds from the capital firm such as Bill Tai, a venture financier in Silicon Valley, and Eric Yuan, the founder of Zoom Video Communications Inc.
Arzooo is a Bengaluru-based venture and is planning to augment its vast domains of services including quality, technology, and operations. It will be using the capital funds to scale up the Go Store, a business-to-business channel. The investment is considered as a part of the startup’s Series A funding round. However, the amount that Bill Tai and Zoom founder Eric Yuan invested is not yet revealed.
The startup Arzooo was in news last month for raising an amount of almost $7.5 million in its Series A funding from the capital ventures. The sum of Rs. 55.25 Crore was invested by the financiers such as 3Lines Venture Capital, Jabber Internet which is a UAE-based venture, the technology firm in USA WRVI Capital, and few others as well. Some sources as the media Entrackr published that Eric and Bill Tai invested a sum of around Rs. 2 Crore individually in the startup Arzooo.
The co-founder of the firm Arzooo, Khushnud Khan, referred to the investment as more than the mere capital fund. He 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.” In addition to it, Arzooo also asserted that this was somehow the very first investment of the Zoom founder Eric Yuan in India. Bill Tai venture has earlier invested in the social media platform as Twitter, and also on the video-conferencing platform Zoom. Arzooo said this is Yuan’s first investment in India. It added that Tai was among the investors in Twitter and Zoom.
Arzooo is a venture formed by the former Flipkart colleagues and the IIT-Kharagpur graduate Khushnud Khan, Rishi Raj Rathore in 2018 in Bengaluru. The startup was formed with a vision to assist the offline retailers to excel and be a competitive entrant in the market against the giant e-commerce ventures as Flipkart and Amazon.
The startup Arzooo has gained a large portion in the market via its partner stores across the country in the last two years. It has grown its network to more than 5000 offline stores with more than 20 cities across India. Some of its cities in its reach include Hyderabad, Chennai, Bengaluru, Kolkata, and Delhi-NCR.
In recent times, the venture Arzooo also brought a credit lending product into the market. The product is named Arzooo Credit and launched to provide venture capital and support to its network. Currently, the startup Arzooo asserted to have more than 4000 partner stores in almost 10 cities of its reach.
The Bengaluru-based startup is certainly surging up in the retail-tech domain and making great deals in recent years and climbing up the ladder progressively. Rudraksha Tech Labs Pvt. Ltd is operating a remote retail-technology venture Gobbly. The firm Rudraksha Tech Labs raised an amount of $500,000 as of its seed capital in the month of July.
Slingloft Technologies Pvt. Ltd. is another firm that successfully raised its initial investment in the month of August in 2019. The venture Slinglift Technologies is known for providing services to its partnered retailers in managing their engagement and loyalty network.
Walmart Labs was also in the news in July of the same year. Walmart Labs is the vital technology branch of Walmart Inc. which is a multinational retail giant based in the United States. Walmart Labs invested on the Indian venture BigTrade Infosystems Pvt. Ltd. and FloCare Labs Pvt. Ltd. in order to boost its customer service network.