DBT Bureau
Kochi, 21 November 2024
An Indian startup, Arzooo, which has been trying to bring in the much-needed e-commerce technology to physical stores, has sold its assets to Moksha Group through distressed sale, reports said.
“This sale followed multiple talks Arzooo had held with some other new-age startups, including Bengaluru-based Udaan on the scope for merging,” said individuals with direct knowledge of the matter as per reports.
Arzooo helped small electronics shops in India compete with big online stores and large retail chains. It did this by offering a digital platform that allowed these shops to access bulk inventory at lower prices. Arzooo also provided last-mile delivery services and financial support to help stores grow.
Arzooo was founded by former Flipkart executives and had managed to raise around $90 million from investors like SBI Investment, Trifecta, Tony Xu, and Celesta Capital. At its peak, it was worth a whopping $310 million.
Moksha Group said in a press statement that acquiring Arzooo’s assets will help fill the important gaps in India’s fast-growing market for consumer electronics and appliances. But this statement does not mention the founders of Arzooo.
No comments were made on the financial side of the deal between Moksha and Arzooo.
