Moksha Group buys retail tech startup Arzooo's assets in distress sale
Moksha Group has hired ecommerce veteran Rehan Shaikh as Co-founder and CEO to drive its retail consumer technology offering.
Mumbai-based Moksha Group on Thursday said it has acquired strategic assets from retail tech startup Arzooo for an undisclosed amount.
According to a person aware of the matter, this is a distress sale as Arzooo was in a funding crunch, with media outlets reporting layoffs and salary delays.
In January, Arzooo, which enables offline consumer electronic stores to go online, raised an undisclosed amount in an extended Series B funding from existing investors. It has a pan-India presence and is already powering over 30,000 retailers across 250 cities.
Supply chain and distribution solution provider Moksha, in a press release, said that its infrastructure will enable small retailers and quick commerce partners to access high-demand consumer durables with faster, more efficient distribution.
Moksha has also appointed Rehan Shaikh as co-founder and CEO to lead its retail tech business. Shaikh has previous experience in ecommerce giants like Clicktech, Cloudtail, and Amazon.
Founded in 2018 by former Flipkart executives Khushnud Khan and Rishi Raj Rathore, Arzooo aids offline electronic stores by giving them access to competitive prices and their network of logistics, enabling them to drive up sales conversions in-store. It raised $70 million in Series B funding in June 2022, which attracted global and Indian VCs including SBI Investment, 3 Lines, Trifecta, and DoorDash founder Tony Xu.
Edited by Affirunisa Kankudti