A Bangalore-based startup a year ago that allows merchants to open an online store and sell their products digitally, Dukaan will raise new funding on Monday to expand its services and deepen its footprint. He said he raised $ 11 million in a funding round. South Asian market.
The new funding round, Pre-Series A, was led by 640 Oxford Ventures, headquartered in New York. Existing investors, including Venture Capital, HOF Capital, Oldwell Ventures, Let’s Ventures, 9 Unicorns, and Lightspeed Partners and Leopard Ventures have also joined the new round.
Oyo’s Riesh Agarwal and Noting’s Carl Pei have also invested in the new round, said startups that have raised more than $ 17 million so far.
Dukan Provides individuals with a no-code tool for setting up their digital presence. Once you’ve set up your store, you can manually add your inventory and start selling to your customers.
The process is simple and fast. “First we’ll check your email address or phone number, then fill in your company or store name. That’s it. Your digital store has been created,” said Dukaan’s co-founder and CEO. One Suumit Shah said in an interview with TechCrunch.
For merchants operating in grocery stores, Dukaan can also take pictures of your inventory and automatically record them in your digital store. Startups also help merchants accept digital payments.
Dukaan mainly utilizes India’s huge neighborhood market. Over 100 million Indians work locally in popular places as Kirana. These stores are often open for decades.
A slide from Dukaan’s deck to investors. Share with TechCrunch.
In recent years, many companies, including Reliance, Amazon, and Flipkart, have tried to disrupt their businesses with little success. In fact, most of these companies are now increasingly looking for ways to engage with these merchants.
However, the method developed by Dukaan can also be used by restaurants trying to go online and teachers trying to set up a digital presence.
“All these digital stores get the mydukaan.io website by default and distribute it to customers and friends. This helped our startup get more recognition in the market.” Shah says.
The service, which bears the name of this startup, charges individuals or businesses only Rs. 699 ($ 9.5) per year for the service. We also offer premium plans such as Dukaan Infinity (which helps you market on Facebook and Google and helps you rank on Google search) and Dukaan Enterprise for large companies.
Retail chain Big Bazaar and German personal care brand Nivea are customers of Dukaan Enterprise. “In the case of Nivea, there are numerous distributors across the country. Currently, they have distributors sell most of their inventory to stores through Dukaan, increasing the efficiency of the system,” he said.
“The Dukaan team has the opportunity to have a large white space to meet the business needs of over 100 million SMEs in India, with a strong product orientation and in-depth knowledge of SME users, India,” said Lightspeed. Partner Akshay Bhushan said in a statement.
This is a developing story. read more…
Dukaan raises $11 million to help merchants in India set up online stores – TechCrunch Source link Dukaan raises $11 million to help merchants in India set up online stores – TechCrunch
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