Bangalore-based Arzooo.com on Thursday announced securing Rs 1.5 crores in a seed round of funding from Omphalos Ventures India.
India's first reverse auction based commerce platform, Arzooo will utilize the funds to further develop their technology, and expand its operations to the top-ten Indian cities by March 2019.
Founded by two former Flipkart employees, Khushnud Khan and Rishi Raj, Arzooo.com virtually exploded into India's e-commerce ecosphere in July 2017, with their unique reverse auction model that gives high value buyers the lowest price on their chosen product, beating prices elsewhere online, in real time.
Since their launch, the company has served more than 2,000 customers with an average ticket size of Rs 22,000 on high value branded goods, and a monthly run rate of Rs 7 million.
"The Arzooo team has a deep understanding of India's consumer market for high value goods and has a grand vision of expanding this segment in the country. They are making good inroads with their unique business model. To have an e-commerce disruption coming from India is very exciting and empowering. We, at Omphalos Ventures, are proud of our association with such a game changing concept and team," said partner - Omphalos Ventures India LLP, Sagar Ramteke.
"The aim is to enable buyers to get the best possible price on a product they wish to purchase, by making the suppliers compete for each order. Response to our first category, large appliances is hugely encouraging and a great validation for the platform. We are evaluating our next line of categories as we see anything in the price range of Rs 10 thousand to 10 Lacs as a potential opportunity for a reverse auction platform like Arzooo," said founder and CEO, Arzooo.com, Khushnud Khan.
"We are also expanding our operations to Hyderabad, and other South Indian cities will follow soon. The plan includes expansion of services to the top 10 Indian cities by the end of the current financial year. Our goal is to take this service to top 50 Indian cities across categories in the next three years," added Khushnud.
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