Online retail platform Dukaan raises $11 M in pre-Series A round led by 640 Oxford Ventures
Venture Catalyst, HOF Capital, Old Well Ventures, LetsVenture, 9Unicorns, Oyo's Ritesh Agarwal and Nothing's co-founder and CEO Carl Pei also participated in this funding round.
“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 monetisation journey on a small merchant base last quarter, and more than 2,000 merchants have enrolled in our Dukaan premium subscription plan so far. Premium subscription is just one of the revenue streams, which contributes almost 10 percent to our revenues,” said Suumit Shah, CEO and Co-founder, Dukaan.
“There is a massive white space opportunity to service the commerce needs of India’s 100M+ small businesses and the Dukaan team with its strong product orientation and deep knowledge of the small business user is ideally positioned to lead the creation of new categories of commerce businesses in India,” said Akshay Bhushan, Partner, Lightspeed.
Dukaan was founded in Bengaluru in June 2020 by Suumit Shah and Subhash Choudhary. It is a no-code platform with which the users can launch an e-commerce website in a short time period and scale it on the internet.
“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,” said Suumit Shah, CEO and Co-founder, Dukaan.
The startup claims to have facilitated over 1.5 million transactions and a new store is being created every two minutes.