[Funding Alert] Dukaan raises $6M seed investment co-led by Matrix Partners India and Lightspeed India
Dukaan, a platform that enables small merchants with no programming skills to setup an online store in 30 seconds, has raised $6 million seed funding co-led by Matrix Partners India and Lightspeed India.
With this funding, Dukaan aims to continue expanding its geographic operations and enhance its product suite to help merchants expand their digital footprint. The round saw participation from angel investors like Haresh Chawla, Founding CEO of Network18 and Viacom18; Ryan Hoover, Founder, Weekend Fund and Product Hunt; Jitendra Gupta, Founder, Jupiter; Shashank Kumar, Founder, Razorpay; Sandeep Tandon, Founder, Freecharge; Prabhkiran Singh, Founder, Bewakoof.com; and Kunal Shah, Founder, CRED.
Suumit Shah, Chief Executive Officer and Co-founder of Dukaan said in a press statement shared by Matrix India Partners, “Our mission is to enable each and every small retailer to launch, compete and grow their business online, without ever worrying about technology. Our customers love us and we are excited to continue to pursue our mission, with support from Lightspeed, Matrix and our angels.”
Founded in 2020, Dukaan works as a DIY platform. Each merchant receives a unique store link on which they can showcase their products and services, which, in turn, can be shared with customers across social media platforms.
Dukaan has helped businesses go online and generate sales immediately. The press statement said Dukaan is already used by over 2.7 million merchants across India. It added that Dukaan’s power stores have generated over 600,000 orders in the last three months, generating a total gross merchandise value of over Rs 100 crores.
Tarun Davda, Managing Director, Matrix India said in the press statement, “Dukaan aims to digitise millions of Indian merchants and empower them to take their business online. Small businesses are turning to technology faster than ever to survive the pandemic, and Dukaan® makes it easier than ever to start, run and grow a business online. We’re excited to partner with Suumit and the team on this journey towards a Digital India.”
Dukaan plans to expand to India’s 60 million small- and mid-sized merchants across multiple categories such as books, consumer goods, grocery, fashion, electronics, and professional services.
Akshay Bhushan, Partner, Lightspeed India said in the press statement, “What got us most excited about Dukaan was the team and their missionary zeal in enabling small retailers to go online. We are proud to support the Dukaan® team from day one, as they create this platform and leverage the digital tailwind that almost every industry and sector is seeing today."
Edited by Kanishk Singh