Former Flipkart Employees’ Startup Raises Rs 1.5 Crore Funding
Arzooo.com, a reverse auction platform, recently raised Rs1.5 crore in a seed funding round from Omphalos Ventures India.
The funds raised will be used to develop the platform’s technology and expand its operations to the top most prominent cities in India by March 2019.
Arzooo.com was founded by two former Flipkart employees, Khushnud Khan and Rishi Raj. The startup recently boomed in India’s e-commerce ecosystem in July 2017 with their unique reverse auction model which provides high value buyers with the lowest price on designated products, therefore beating down the competition in other online platform.
Since inception, the startup caters over 2,000 customers with an average ticket size of Rs 22,000 on high quality branded products and report a monthly run rate of Rs 7 million...