Bangalore-based startup Dukaan has raised $11 million in a new financing round with a valuation of $71 million. The one-year-old startup helps merchants open online stores and sell products digitally.
New York-based 640 Oxford Ventures, Venture Catalyst, HOF Capital, Old Well Ventures, LetsVenture, and 9Unicorns led the Pre-Series A financing. Lightspeed Partners and Leopard Ventures, among others, were among the existing investors. Ritesh Agarwal of Oyo and Carl Pei of Nothing, a former OnePlus co-founder, are two notable names.
About The App
Individuals may use Dukaan’s no-code tools to quickly and easily establish a digital presence. All that is required is the verification of an email address or phone number, followed by the registration of a business or store name. Merchants may manually upload their merchandise and start selling after setting up their online store. The software allows grocery shop owners to take photos of their goods, which are then instantly logged in to the digital store. Merchants may also use the app to begin taking digital payments. Dukaan is utilizing India’s massive resources.
Reliance, Amazon, and Flipkart are some of the biggest names which have also tried their hand at online grocery retail with little success. So they are now tying up with local merchants to increase their presence.
Dukaan claims to have processed over 1.5 million transactions. Sumit Shah, co-founder, and CEO explains that digital retailers are given a mydukaan.io website by default. It is available for retailers to share with their customers and friends. its services, businesses must pay Rs 6,999 ($95) per year. Premium plans, such as Dukaan Infinity and Dukaan Enterprise, are also available. Businesses may use Dukaan Infinity to promote on Facebook and Google and boost their search rankings. Dukaan Enterprise provides the same service to large corporations.
Big Bazaar and Nivea are two well-known brands that have enrolled with Dukaan. Dukaan has a large number of distributors around the nation that sell the majority of the goods to retailers. Dukaan intends to use the new funding to construct its own payment gateway as well as plugins to interact with delivery companies and their aggregators. In the next 12 months, it wants to achieve 2 million to 3 million monthly transactional shops and $10 million in annual recurring income.