Dukaan raises $11 million in funding from 640 Oxford Ventures, others
Dukaan, a retail platform that helps local stores sell their products online, has raised $11 million (Rs 79 crore) as part of its pre-Series A round of funding, led by 640 Oxford Ventures.
Existing investors Snow Leopard Ventures, Lightspeed Partners, and Matrix Partners India along with Venture Catalyst and new venture firms HOF Capital, Old Well Ventures, LetsVenture, 9Unicorns also participated in the round.
Dukaan plans to utilise the funds to strengthen its technology and expand its operations across the country in the coming months.
Commenting on the investment, Suumit Shah, chief executive officer and co-founder of Dukaan, in a statement 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.”
640 Oxford Ventures spokesperson added: “Suumit and team have demonstrated a unique ability to understand what SMBs need to be successful digitally and then ship product at incredible velocity to solve those pain points. This round of funding will further enable Dukaan to build meaningful products.”
Founded in June last year, Dukaan allows local stores and entrepreneurs to launch an e-commerce website and scale it on the internet. It currently has over 3.5 million sellers on its platform.
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