Dukaan, a Bangalore-based DIY platform allowing merchants with no knowledge of coding to build an e-commerce shop with the help of smartphones, has secured US$ 11 million in a pre-Series A funding round led by 640 Oxford Ventures on 6 September 2021.

Investors: The latest investment round featured 640 Oxford Ventures as the lead investor with participation from existing investors Matrix Partners India, Snow Leopard Ventures and Lightspeed Venture Partners. New investors include Old Well Ventures, LetsVenture, Venture Catalysts, 9Unicorns, HOF Capital and a pool of angel investors, such as Carl Pei, Co-Founder and CEO of Nothing and Ritesh Agarwal, Founder and CEO of Oyo. The startup has already raised US$ 6 million in its previous funding round held last year.

Purpose of the funding: The startup seeks to deploy the new funds towards increasing the pace of hiring employees in the technology and designing department for further product development. Besides, it also intends to reach and grow in untapped markets.

About Dukaan

Dukaan® Logo

Brought to existence in 2020 by Anurag Meena, Kaustub Pandey, Subhash Choudhary and Suumit Shah, Dukaan envisages aiding local retail stores in setting online shops through its do-it-yourself (DIY) platform. Every merchant associated with Dukaan is provided with a unique store link to display their offerings. The firm claims to have dealt with more than 1.5 million transactions since its inception. Similar to BigBasket, Swiggy, Amazon and Zomato, Dukaan began linking consumers with merchants to order various grocery items such as vegetables and fruits besides other things. But, what makes it unique is its vision to concentrate on the neighbourhood shops.

What the Founder has to say: “We initiated our monetisation voyage from an unremarkable merchant base in the previous quarter successfully captivating over 2,000 dealers to purchase our premium plan. This scheme is only one source of earnings, accounting for one-tenth of our aggregate revenue. We seek to bag around US$ 50 to 70 million in the next investment round. However, the timeline to raise funds is undecided yet.”- Suumit Shah, Founder and CEO of Dukaan.

What the Investor has to say: “An enormous opportunity to serve the commerce requirements of 100 million small Indian enterprises exists. Dukaan’s leadership team, compounded with its robust product orientation and great wisdom of the small-enterprise client, is best-placed to become a leader in the development of a new class of Indian enterprises in the commerce industry.”- Akshay Bhushan, Partner at Lightspeed Venture Partners.

For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.

We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know

-if there are any discrepancies in any of our published stories,

-how we can improve,

-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!

Next Article

Previous articleInto the Metaverse: The Future of the Internet
Next articleBangladesh-based e-commerce startup ShopUp rakes in US$ 75 million
Sankalp majorly focuses on writing newsletters on VCBay. He is pursuing Bachelors in Economics from the University of Delhi and exhibits proficiency in content writing and research.

LEAVE A REPLY

Please enter your comment!
Please enter your name here