Saturday, June 15, 2019

Retail Tech Venture Raises US$1M in Pre-Series A for Geographic Expansion, Product Devp, India’s fastest growing retail technology venture Powering 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 and a consortium of Investors from India and the United Kingdom.

Arzooo’s tech platform “Go Store” is the unique technology offering by that solves the big problem of selection, price and complex supply chain & sourcing for Offline retailers. With this platform, is equipping the physical retailers to compete and grow in the age of Amazon & Walmart. It e­­­­­nables a partner store to offer its customers the largest selection, best prices and fastest delivery, without them having to stock every item. 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 onground 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, 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 faces challenges of limited choice of inventory and sourcing prices have led to an impact on profitability for the physical retailers. 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.

With the fresh infusion of pre-series A funds, 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 a wider network of cross sector retailers.

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