Tuesday, 20 October 2020: Bangalore: Dukaan® today announced that it has raised $6 million in seed funding co-led by Matrix Partners India and Lightspeed India Partners. 13 marquee angel investors participated in this round, including Haresh Chawla (Founding CEO Network18, Viacom18), Ryan Hoover (Founder, Weekend Fund and Product Hunt), Jitendra Gupta (Founder, Jupiter), Shashank Kumar (Founder, Razorpay), Sandeep Tandon (Founder, Freecharge), Prabhkiran Singh (Founder, Bewakoof.com), and Kunal Shah (Founder, Cred).
Founded in 2020 by Suumit Shah, Subhash Choudhary, Kaustub Pandey, and Anurag Meena, Dukaan® is a DIY platform which enables small merchants with no programming skills to set up an online store within 30 seconds. Each merchant gets a unique store link on which they can showcase their products or services and further share this link with customers on social media platforms.
As India recovers from the Covid-19 crisis, businesses are embracing Dukaan® to go online overnight and start generating sales instantaneously. This has resulted in Dukaan® having been used by over 2.7 million merchants across India in the 3 months since its launch. Merchants have generated over 600,000 orders so far, resulting in a total gross merchandise value of over 100 crores. Dukaan plans to expand to India’s 60 million small & mid-sized merchants across multiple categories such as books, consumer goods, grocery, fashion, electronics and professional services.
In a short period of time, Dukaan® has single-handedly created this category, which is visible from its rapid growth trajectory despite negligible marketing spend. With this infusion of capital, Dukaan will continue to expand its geographic operations and enhance its product suite to help merchants widen their digital footprint and grow their business online.
Suumit Shah, Chief Executive Officer and Co-founder of Dukaan said, “Our mission is to enable each and every small retailer to launch, compete and grow their business online, without ever worrying about technology. Our customers love us and we are excited to continue to pursue our mission, with support from Lightspeed, Matrix and our angels.”
Tarun Davda, Managing Director, Matrix India said, “Dukaan® aims to digitize millions of Indian merchants and empower them to take their business online. Small businesses are turning to technology faster than ever to survive the pandemic, and Dukaan® makes it easier than ever to start, run and grow a business online. We’re excited to partner with Suumit and the team on this journey towards a Digital India.”