Dukaan raises $11 mn in pre-series A round

Bengaluru: Online retail platform Dukaan that helps businesses digitalise operations has raised $11 million from a clutch of investors led by 640 Oxford Ventures at a post-money valuation of $71 million. In the current round, existing investors Snow Leopard Ventures, Lightspeed Partners, and Matrix Partners India also participated along with HOF Capital, Old Well Ventures, LetsVenture and 9Unicorn. Marquee angel investors such as Oyo's Ritesh Agarwal and Nothing CEO Carl Pei, also invested in the startup.

In October 2020, Dukaan raised $6 million of funds in a seed round from Matrix and Lightspeed.

"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. We started with our monetization journey on a small merchant base last quarter, and more than 2000 merchants have enrolled in our Dukaan premium subscription plan so far" said Suumit Shah, CEO and co-founder of Dukaan.

"Premium subscription is just one of the revenue streams, which contributes roughly 10 per cent to our revenues," added Shah.

Dukaan was founded last year and provides a no-code platform that allows local stores and entrepreneurs to launch an e-commerce website and scale it on the internet. These ecommerce websites is customised in terms of design and functionality. Further, Dukaan provides merchants on its platform to link their unified payments interface (UPI) ID with the company and start accepting payments by leveraging various modes of digital payments.

"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" said 640 Oxford Ventures in a statement.