Dukaan Raises $11M In Pre-Series A Funding Round
Dukaan, a SaaS startup that helps local stores sell their products online, has raised $11M in a pre-Series A round led by 640 Oxford Ventures, with participation from existing investors Snow Leopard Ventures, Matrix Partners India and Lightspeed Partners.
The funding round also saw participation from Venture Catalyst, Old Well Ventures, LetsVenture, HOF Capital, 9Unicorns, and a few high-profile executives, including Oyo’s Ritesh Agarwal and Carl Pei (Co-founder and CEO of Nothing).
Founded by Suumit Shah and Subhash Choudhary in June 2020, Dukaan is a Bengaluru-based DIY (do it yourself) platform that enables merchants with zero programming skills to set up their e-commerce store using a smartphone.
The Bengaluru-based startup enables people to launch an eCommerce website in a few minutes and scale it on the internet.
Speaking on the development, Suumit Shah, CEO and Co-founder of Dukaan, said,
“This new investment allows us to aggressively expand our operations, while building our team of highly skilled designers and developers. Additionally, this capital accelerates our ability to establish key strategic partnerships to grow our paying merchant base. We started with our monetisation journey on a small merchant base last quarter, and more than 2,000 merchants have enrolled in our Dukaan premium subscription plan so far. Premium subscription is just one of the revenue streams, which contributes ~10 percent to our revenues.”
In May 2021, Dukaan partnered with delivery platform Dunzo and logistics firm Shiprocket to integrate delivery into the platform.
Dukaan, with a presence in over 3,500 towns and cities, works with 3.5 million merchants to offer an end-to-end solution from inventory, promotion, sales, payment to delivery. The Bengaluru-based startup claims to have facilitated over 1.5 million transactions, and a new store is being created every two minutes since its inception.
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