Arzooo, an Indian startup founded by former Flipkart executives that sought to bring “best of e-commerce” to physical stores, has sold its assets in distressed sale to Moksha Group.
The deal follows Arzooo engaging with several startups, including Bengaluru-headquartered Udaan, for potential merger opportunities, according to people familiar with the matter.
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.
Neither Moksha nor the startup disclosed financial terms of the deal.
Arzooo provided a digital bridge for India’s small electronics retailers to 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.