The financing will help Dukaan to expand production while growing its staff of highly experienced designers and engineers, according to Suumit Shah, CEO and Co-founder.
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Dukaan funding news
Dukaan has received $11 million in a pre-Series A round-headed by 640 Oxford Ventures, with participation from previous investors Snow Leopard Ventures, Lightspeed Partners, and Matrix Partners India.
Venture Catalyst and new venture companies HOF Capital, Old Well Ventures, LetsVenture, 9Unicorns, as well as several high-profile professionals, including Oyo’s Ritesh Agarwal and Carl Pei, Co-founder and CEO of Nothing, took part in the fundraising round.
Dukaan, a Bengaluru-based no-code platform, was founded in June 2020 by Suumit Shah and Subhash Choudhary to make it simpler for anybody to build an e-commerce website in a few minutes and expand it on the internet.
The business claims to have processed over 1.5 million transactions since its launch, with a new store opening every two minutes.
“We started Dukaan because we noticed small firms and first-time entrepreneurs struggle to digitalize and establish an online presence. Suumit Shah, CEO and Co-founder of Dukaan, said, “We were fascinated with the concept of building the most inexpensive, easy-to-use, mobile shopping platform in the world.”
“With this additional funding, we will be able to rapidly grow our operations while also expanding our staff of highly experienced designers and engineers. Additionally, this cash will help us build critical strategic relationships that will help us expand our paying merchant base. Last quarter, we began our monetization journey with a modest merchant base, and we now have over 2,000 merchants signed up for our Dukaan premium membership plan. Premium subscriptions are just one of the income sources that account for 10% of the company’s total revenue,” he noted.
“Suumit and crew have proven a unique ability to comprehend what SMBs need to be successful digitally and then launch the product at amazing velocity to tackle those pain points,” 640 Oxford Ventures said of the investment. Dukaan will be able to create more relevant goods thanks to this round of investment. We’re delighted to join Suumit and the Dukaan staff on their journey to creating a generational business.”
“There is a huge white space opportunity to service the commerce needs of India’s 100M+ small businesses,” said Akshay Bhushan, Partner at Lightspeed. “The Dukaan team, with its strong product orientation and extensive understanding of the small business user, is ideally ready to promote the creation of new categories of commercial businesses in India.”