SUMMARY
Led by Findoc Finvest, the round also saw participation from Leafberry Ads and other angel investors
The startup will use the capital to expand its product portfolio and franchisee network across the country
Founded in 2017 by Tarun Verma, Niranjan Kala and Sahil Gandhi, SmartDukaan digitises end-to-end operations of end retailers
Retail tech startup SmartDukaan has reportedly raised $10 Mn as part of its pre-Series A funding round led by Findoc Finvest. The round also saw participation from other investors such as Leafberry Ads and other angel investors.
In a bid to become a one-stop shop for mobile phone retailers looking to digitise their operations, the startup will deploy the capital to expand its product portfolio and franchisee network across the country. These funds will also be utilised to bolster operations and ramp up hiring.
A part of the funds will also be deployed to shore up its tech stack and streamline supply chain management.
“The funding will serve as a catalyst for us to enhance and expand our network across the country. Our unwavering mission remains to be the largest mobile retail network in India, digitising and empowering retailers, and inviting aspiring entrepreneurs to be part of a profitable mobile retail business,” said the founder and chief executive officer (CEO) of SmartDukaan Tarun Verma.
Founded in 2017 by Verma, Niranjan Kala and Sahil Gandhi, the startup leverages technology to bridge the gap between the organised urban mobile phone market and the unstructured retail sector. It digitises the operations of end merchants, offering them a comprehensive digital suite for running their business smoothly from inception to order fulfilment.
The startup claims to have 250 stores in its kitty, spanning over 100 cities in six states. It aims to scale the number to 500 outlets by the end of 2023 to further expand its footprint in north India.
SmartDukaan competes with the likes of Unicommerce, ace turtle, and Arzoo in the retail tech space.
The digitisation of retail businesses has experienced a significant boost since the pandemic forced offline businesses to close for extended periods in 2020.
There has been rapid adoption of retail tech in recent years, primarily driven by a range of solutions that empowers merchants.
Consequently, homegrown retail tech startups emerged, raising hefty amounts of capital. In May, turtle ace bagged $34 Mn in Series B round from Vertex Growth, and SBI Investment, among other investors. Last year, retail tech startup Arzooo also secured $70 Mn in its Series B funding round from Japan-based SBI Investment and Trifecta Leaders Fund.
