Mumbai-based Moksha Group, a key player in distribution, supply chain, and financial solutions, has acquired strategic assets from Arzooo, a retail tech startup.
Sources indicate that the acquisition comes amidst financial distress for Arzooo, which faced challenges such as large-scale layoffs and unpaid salaries. Despite the acquisition, the specifics of the deal remain undisclosed.
Moksha Group aims to leverage Arzooo’s assets to empower small retailers by offering cutting-edge digital tools and integrated fintech solutions. By introducing innovative technology, easy credit access, and low-cost EMI options, Moksha seeks to help small businesses thrive in an increasingly competitive market.
The company has also brought onboard e-commerce expert Rehan Shaikh as its new co-founder and CEO, marking a significant step in its growth strategy.
Arzooo, founded by former Flipkart executives Khushnud Khan and Rishi Raj Rathore, recently launched gostor.com to bridge the gap between offline and online retail for its partner stores. The startup boasted a pan-India presence, supporting 30,000 retailers across 250 cities.
To date, Arzooo has raised $85 million, including a $70 million Series B funding round in June 2022 from prominent investors like SBI Investment, Trifecta, Celesta Capital, and 3 Lines VC.
4o