India’s Arzooo, once valued at $310M, sells in distressed deal | TechCrunch

In Brief

Arzooo, an Indian startup founded by former Flipkart executives that sought to bring “best of e-commerce” to physical stores, has sold its assets in distressed sale to Moksha Group.

The deal follows Arzooo engaging with several startups, including Bengaluru-headquartered Udaan, for potential merger opportunities, according to people familiar with the matter.

Arzooo had raised approximately $90 million from investors including SBI Investment, Trifecta, Tony Xu, and Celesta Capital, and climbed to a peak valuation of $310 million.

“This strategic acquisition of assets positions the Moksha Group to bridge significant gaps in India’s rapidly evolving consumer durables and appliances sector,” Moksha Group said in a long press statement that didn’t mention either of the Arzoo founders.

Neither Moksha nor the startup disclosed financial terms of the deal.

Arzooo provided a digital bridge for India’s small electronics retailers to compete with e-commerce giants and large retail chains. The startup worked with major brands to secure bulk inventories at competitive prices and also provided last-mile delivery and working capital solutions.

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