Dukaan raises US$ 6 million in seed funding

Dukaan, a startup that helps local stores to set up online stores and sell their products online, raised US$ 6 million as a part of its seed funding round on 21 October 2020.

The funding round was co-led by Matrix Partners India and Lightspeed India Partners. Other participants include 13 marquee angel investors, Haresh Chawla, founding CEO, Network18, Viacom18; Ryan Hoover, Founder, Product Hunt; Jitendra Gupta, founder, Jupiter; Shashank Kumar, founder, Razorpay; Kunal Shah, founder, Cred, amongst others.

The startup will utilize these new funds to expand its services to 60 million small and mid-sized merchants across multiple categories such as books, consumer goods, grocery, fashion, electronics, and professional services. Dukaan will also use the funding to expand its geographic operations and enhance its product suite. It aims to help merchants widen their digital footprint.

About Dukaan

Dukaan was founded early this year as a ‘do-it-yourself’ (DIY) platform which enables small retailers with zero programming skills to set up an online store. Each merchant gets a unique store link on which they can showcase their products or services. Further, share this link with customers over social media channels.

“Our mission is to enable each and every small retailer to launch, compete and grow their business online, without ever worrying about technology. Our customers love us and we are excited to continue to pursue our mission, with support from Lightspeed, Matrix and our angels,” said Sumit Shah, CEO and co-founder of Dukaan.

With the shift to digital due to COVID-19, Dukaan has already onboarded over 2.7 million merchants onto its platform across India, since its launch. Its power stores have generated over 600,000 orders in the last three months. As a result, generating a total gross merchandise value of over ₹100 crores.

What Investors have to say?

“What got us most excited about Dukaan was the team and their missionary zeal in enabling small retailers to go online. We are proud to support the Dukaan team from day one, as they create this platform and leverage the digital tailwind that almost every industry and sector is seeing today,” said Akshay Bhushan, partner, Lightspeed India.

“Dukaan aims to digitize millions of Indian merchants and empower them to take their business online. Small businesses are turning to technology faster than ever to survive the pandemic. Dukaan makes it easier than ever to start, run and grow a business online. We’re excited to partner with Sumit and the team on this journey towards a Digital India,” said Tarun Davda, managing director, Matrix India.

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