Arzooo, an Indian startup that sought to bring “the best of e-commerce” to physical stores, has sold its assets in a distressed sale to Moksha Group.
The deal comes after Arzooo engaged with several startups, including Bengaluru-headquartered Udaan, exploring potential merger opportunities, according to people familiar with the matter.
Arzooo provided a digital bridge to India’s small electronics retailers so they could compete with e-commerce giants and large retail chains. The startup worked with major brands to secure bulk inventories at competitive prices and also provided last-mile delivery and working capital solutions.
Founded by former Flipkart executives, Arzooo had raised approximately $90 million from investors, including SBI Investment, Trifecta, Tony Xu, and Celesta Capital, and climbed to a peak valuation of $310 million.
“This strategic acquisition of assets positions the Moksha Group to bridge significant gaps in India’s rapidly evolving consumer durables and appliances sector,” Moksha Group said in a press statement that didn’t mention either of the Arzooo founders.
Neither Moksha nor the startup disclosed financial terms of the deal.
