Liquidity Events
Moksha buys B2B consumer electronics co. Arzooo’s assets in distress sale
Mumbai-based distribution and supply chain company Moksha has acquired the assets of Bengaluru-based business-to-business (B2B) consumer electronics startup Arzooo . With this sale, the existing equity backers of Arzooo are likely to write off their investments.As a part of the deal, Moksha Group will acquire Arzooo’s technology platform and its intellectual property assets and trademarks. Arzooo also has a private label brand, which will now be owned by Moksha Group. Following the acquisition, Moksha Group has appointed former Cloudtail and Amazon executive Rehan Shaikh as the CEO of Arzooo.For months, Arzooo, which claims presence in 250 cities, having onboarded 30,000 retailers, tried to raise new capital or merge with bigger rivals. Over the last year, the startup mounted losses and laid off hundreds. It also reportedly blocked payments to its sellers on account of a funding crunch.
Between Mar 2018 and Jan 2024, Arzooo.com had raised about USD 88.50 M from 3Lines Venture Capital, SBI Ven Capital, Trifecta Capital, Celesta Capital, IndusAge Partners, Bill Tai, Eric Yuan and Omphalos Ventures India.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
