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| Image Credit: Dukaan |
Dukaan, a mobile app that helps small businesses set up online marketplaces, has received $11 million at a $71 million value.
640 Oxford Ventures led the pre-Series A funding round, which included HOF Capital, Old Well Ventures, LetsVenture, and 9Unicorns. Snow Leopard Ventures, Lightspeed Partners, and Matrix Partners India were among the existing investors in the round.
Angel investors include Ritesh Agarwal of OYO and Carl Pei of Nothing CEO invested an undisclosed sum in Dukaan.
Prior to this, in October 2020, Dukaan raised $6 million in a seed fundraising round from Matric and Lightspeed. Khatabook, a bookkeeping app, also has a small equity position in the company.
Sumeet Shah and Subhash Choudhary founded the company in 2020 to assist small merchants with setting up their e-commerce stores utilising cellphones. According to the corporation, its platform supports approximately 3.5 million small and medium-sized enterprises and 1.5 million transactions.
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We started Dukaan because we witnessed small firms and first-time entrepreneurs struggle to digitalize and establish an online presence. We were fascinated with the goal of creating the world's most cheap, user-friendly, mobile-first commerce platform, said, co-founder and CEO Shah.
The funds will be used to expand the company's operations, hire web designers and developers, and form strategic relationships in order to expand its paying merchant base. According to the Bengaluru-based business, 2,000 merchants have paid for its premium membership services. This accounts for 10% of the company's revenue.
Sequoia-backed Bikayi, Tiger Global-backed OkCredit, and Khatabook's MyStore app, which was previously known as Dukaan, are all competitors. In a Series C financing, Khatabook raised $100 million at a valuation of $600 million.
(Source: Business Insider)
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