OYO’s Ritesh Agarwal and Nothing’s Carl Pei invest in Dukaan’s $11 million round of funding

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OYO’s Ritesh Agarwal and Nothing’s Carl Pei invest in Dukaan’s $11 million round of funding
Dukaan's founders Subhash Choudhary and Sumeet ShahDukaan
  • Dukaan has raised $11 million in a round led by 640 Oxford Ventures, at a valuation of $71 million.
  • OYO’s Ritesh Agarwal and Nothing chief executive Carl Pei also invested an undisclosed amount in Dukaan.
  • The company claims to have over 3.5 million small businesses on its platform and facilitate 1.5 million transactions.
  • It has 2,000 merchants paying for its premium subscription services, which make up for 10% of its revenue.
Dukaan, an app that helps small offline merchants set up online stores, has raised $11 million, at a valuation of $71 million.

The pre-Series A funding round led by US-based 640 Oxford Ventures, with participation of HOF Capital, Old Well Ventures, LetsVenture, 9Unicorns. Existing investors Snow Leopard Ventures, Lightspeed Partners and Matrix Partners India also participated in the round.

Angel investors including OYO’s Ritesh Agarwal and Nothing chief executive (CEO) Carl Pei also invested an undisclosed amount in Dukaan.

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Prior to this, Dukaan raised $6 million in a seed funding round from Matric and Lightspeed in October 2020. Bookkeeping app Khatabook also owns a minor equity stake in the company.

Founded by Sumeet Shah and Subhash Choudhary in 2020, the company helps small merchants set up their ecommerce stores using smartphones. The company claims to have over 3.5 million small and medium-sized businesses on its platform and facilitate 1.5 million transactions.

“We founded Dukaan because we saw small businesses and first-time entrepreneurs struggling to digitise and make their presence online. We became obsessed with the idea of making the most affordable, easy-to-use, mobile-first commerce platform in the world,” co-founder and CEO Shah said.

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The company plans to use this funding to expand its operations, hire web designers as well as developers and establish strategic partnerships to grow its paying merchant base. The Bengaluru-based startup claims to have 2,000 merchants paying for its premium subscription services. This contributes 10% of the company’s revenue.

The company competes with Sequoia-backed Bikayi, Tiger Global-backed OkCredit and Khatabook’s MyStore app, which was previously called Dukaan as well. Khatabook raised $100 million in Series C round, at a valuation of $600 million.

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