Bangalore, June 27, 2019: Arzooo.com, India’s fastest growing retail technology startup, which powers physical retailers to compete and grow against their online peers, has raised USD $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.
Funds will be allocated for product development and geographic expansion
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.
Khushnud Khan, co-founder and CEO, Arzooo.com said, “We have witnessed tremendous impact of Internet into commerce and how it changed the shopping behaviour for consumers, but despite a widespread application of technology, offline retail has been, for the most part remained untouched or did not benefit as much. 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.”
Arzooo’s tech platform “Go Store” is the unique technology offering by Arzooo.com that solves the big problem of selection, price and complex supply chain & sourcing for offline retailers. With this platform, Arzooo.com is equipping the physical retailers to compete and grow in the age of Amazon & Flipkart. It enables a partner store to offer its customers the largest selection, best prices and fastest delivery, without them having to stock every item.
Mr. Hussam Khoury, President, Jabbar Internet Group, UAE said “Arzooo.com and its leadership team have understood the deep rooted problems of the physical retailers limiting growth, against the backdrop of rising e-Commerce today. 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.”
Commencing with the $48 billion Consumer Electronics market in India, Arzooo Go Store is disrupting the sector by digitizing the retailers on its Go Store platform. With this, retailers who command 90% of the consumer base (who prefer on ground touch and feel of large appliances as a preferred mode of purchase) are able to convert a growing number of them into sales from in-store walk-ins. This is without investment on storage space, stocking or logistics for the physical retailer who has the potential to cross sell across categories via this platform. Commencing with the Consumer Electronics retail category, Arzooo.com has plans to expand into other retail categories by integrating 500,000 retailers by 2022. The company currently has 500 partner stores on its platform and intends to own 20% of the consumer electronics market share by 2020.
The online marketplace comprising 7-8% of consumer electronics retail between Amazon and Flipkart who offer price and large selection advantage to the end consumer. This has been a limiting factor for the physical retailer who face challenges of limited choice of inventory and sourcing prices have led to an impact on profitability for the physical retailers. Arzooo.com via the Go Store platform solves the problem of Price, Selection and Storage for the physical retailer via its technology that bridges the gap of a single point product sourcing from manufacturers and an expansive product offering via the digital catalogue.
About Arzooo:
Arzooo.com is a retail technology venture empowering physical retailers to compete and grow against e-commerce giants with its technology platform “Go Store”.
Arzooo Go store is the unique technology platform of Arzooo.com and is India’s fastest growing integrated retail network with over 500 consumer electronics partner stores present on it today. Spread across three cities, the Go Store technology empowers a partner store to overcome broader issues of physical retail and offer its customers the largest inventory selection, best price and fastest delivery, without them having to stock everything. This is backed by attractive payments and financing solutions to drive up sales and conversion instore.
Starting with solving the offline challenges for Consumer Electronics retail in India, Arzooo Go Store will broaden the scope to integrate physical retailers across other retail categories as well, by enabling them to go digital via its technology. The company has plans to capture 20% market share of the $48 billion consumer electronics market alone in India by 2022. Arzooo is the brainchild of two ex Flipkart colleagues and IIT-Kharagpur alumni, Khushnud Khan and Rishi Raj Rathore, which was found in the year 2017 in Bangalore. Since its inception, Arzooo.com has seen tremendous growth and has enabled over 500 partner stores to grow sales and compete with bigger sellers and online marketplaces.
Retail Tech Startup Arzooo.com raises $1M in Pre- Series A from UAE-based Jabbar Internet
