Arzooo, a B2B retail tech startup, is readying to introduce a brand-new B2C digital platform for physical retail stores to aid in client acquisition. The business expects to spend between $6 million and $8 million on the introduction of the new product.
During June 2022 Arzooo, announced that it plans to provide the “best of e-commerce” to physical stores, it raised $70 million to accomplish this goal, in a new financing round accelerate its retail platform growth across the South Asian market.
The startup has raised over $85 million across different rounds to date.
Arzooo set to realise its goal of creating Best of ecommerce experience for physical stores
“The existing retail stores on Arzooo’s new B2B platform will now have a separate digital platform to reach out to their customers and drive up sales,” according to an insider. “There are also some products coming up on the payment side in order to modernise offline retail stores with better and smart payment solutions.”
Khushnud Khan, a former Flipkart executive, along with Rishi Raj Rathore, founded Arzooo in 2018. The startup currently has a retail technology platform which helps offline retailers, particularly in the consumer electronics segment, solve their sourcing problems and buy different products from a single platform. It facilitates retailers access to a wide variety of stock-keeping units (SKUs) across leading and emerging brands.
Arzooo additionally offers credit to offline retail establishments to assist them expand their operations. The business has created Arzooo Credit, a finance solution built inside its e-commerce platform that enables sellers to first sell their goods and then make payments one month later.
Currently, the business estimates that there are over 30,000 offline retail stores on its B2B platform, and about 35% of its users use the Arzooo Credit facility.
The B2C platform from Arzooo, which will be released soon, will provide offline retailers a digital presence by first creating a storefront for each location. These listings won’t be the standard ones you’d find on a market. These are true digital stores that allow customers to virtually enter the location while they are at home thanks to the next video technology.
Arzooo has built its own logistics supply chain network for last-mile delivery of inventories and it also provides businesses with working capital, giving them up to $25,300 in revolving credit.
“Arzooo’s business model is very capital efficient and can meet the increasingly diversified requirement of both retail shops and end customers. It is also great for them to have built a self-branded functional logistics system, which is one of the most important parts of the business. There is no limit to the company’s future and we would like to fully support the company in their way to great success,” said Yoshitaka Kitao, chairman and president of SBI investment, in a statement.