Arzooo raises $70M; Razorpay Co-founder Shashank Kumar takes over as MD

Click Here to see the web version

June 29th, 2022

Hello,

“My money don't jiggle, jiggle, it folds…” goes the popular British rap which is now an Instagram and TikTok sensation, 20 years after it debuted.

Right now the Indian Rupee slipped another 11 paise to settle at 78.96 against the US-dollar. The Indian rupee has seen a volatile year, due to exit of Foreign Portfolio Investors (FPI). The fall is being attributed to an increase in crude oil prices.

In other news, money flows in on the e-commerce side with retail technology platform Arzooo raising $70 million, including participation from DoorDash founder Tony Xu.

Here are the other top stories of the day:

Arzooo raises $70M
ZestMoney raises Rs 20 Cr and much more!

Funding Alert

Arzooo raises $70M

Arzooo has raised $70 million in a new round from SBI Investment, Japan and Trifecta Leaders Fund. Tony Xu, the Founder of Doordash, has also participated in the current round, marking his first investment in India.

What does this mean?

Arzooo will utilise its latest funding to scale its technological might focused on scaling stores’ growth end to end and market expansion for the platform.

In the news

Sourcewiz raises Rs 20 Cr

Software-as-a-Service (SaaS) startup for exporters Sourcewiz raised Rs 20 crore in its pre-Series A round led by Matrix Partners India.

The Gurugram and Bengaluru-based startup will use the capital to increase its team size and expand to 10 more manufacturing hubs, including Karur, Jodhpur, Ludhiana, and Tiruppur.

Telangana is India’s most successful startup: KTR

Telangana’s Information Technology Minister KT Rama Rao said India’s youngest state is also its most successful startup.

“We are the most successful startup of independent India for a state without a question,” the 45-year-old minister told YourStory on the sidelines of an event to launch the world’s largest innovation campus.

ZestMoney raises Rs 20 Cr

Buy Now, Pay Later (BNPL) platform ZestMoney has raised Rs 20 crore in debt by issuing non-convertible debentures (NCDs) through private placement to its existing investor Alteria Capital.

The new round takes the startup’s total funding to about $113 million. It counts Goldman Sachs, Quona Capital, PayU, and Xiaomi among its early backers.

Latest Announcements

Razorpay Co-founder Shashank Kumar takes over as MD

Shashank Kumar, Co-founder at Razorpay, moved on from his role as the company's Chief Technology Officer (CTO) and assumed charge as the Managing Director (MD).

What else is new?

The fintech unicorn appointed former executive at Amazon Web Service (AWS) Murali Brahmadesam as its new Head of Engineering and CTO, to drive overall engineering strategy and development at Razorpay.

Mekr raises Rs 5.8 Cr from Titan Capital, Better Capital - Electronic product manufacturer Mekr raised Rs 5.8 crore in a seed round from early-stage VC firms Titan Capital and Better Capital. The round also saw participation from 2AM VC.
EV firm Turno raises $3.1M- Electric vehicle (EV) startup Turno raised $3.1 million led by Bengaluru-based Stellaris Venture Partners and Avaana Capital.

What do we have for you?

"We provide the marketeer with the right tools to build the perfect promotion that aligns with their market strategy," revealed Namogoo's Ohad Greenshpan. Read on to learn about the highlights from the recent webinar hosted by Namogoo and YourStory.

Know more

Most early-stage startups often struggle with customer engagement and retention. In a new Netcore Cloud webinar ‘Up your retention and engagement game’ three successful startup founders share their valuable insights and experiences.

Catch the highlights

Lingraju Sawkar, President, Kyndryl India, shares his leadership mantras with Shradha Sharma, Founder and CEO, YourStory, in an exclusive interview.

Know more

We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail editorial@yourstory.com.

Download the YourStory App