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SaaS platform Dukaan has raised $11 million in a Pre Series A round of funding led by 640 Oxford Ventures along with participation from existing investors Snow Leopard Ventures, Lightspeed Partners, and Matrix Partners India.
Founded in June 2020 by Suumit Shah and Subhash Choudhary, Dukaan is a no-code platform that makes it easier for anyone to launch an ecommerce website in a few minutes and scale it on the internet.
Venture Catalyst and new venture firms HOF Capital, Old Well Ventures, LetsVenture, 9Unicorns and a number of high-profile executives also participated in the funding round, including Oyo’s Ritesh Agarwal, Carl Pei, Co-founder and the CEO of Nothing.
In October 2020, Dukaan had raised $6 million in a seed round from Matrix Partners and Lightspeed Partners. Dukaan claims to be currently working with more than 3.5 million small and medium-sized businesses across India to start, grow, market, and manage their business over the internet in over forty business categories.
“This new investment allows us to aggressively expand operations, while building our team of designers and developers. Additionally, this capital accelerates our ability to establish key strategic partnerships to grow our paying merchant base. We started with our monetization journey on a small merchant base last quarter, and more than 2,000 merchants have enrolled in our Dukaan premium subscription plan so far. Premium subscription is just one of the revenue streams, which contributes approximately 10% to our revenues,” said Shah, CEO and Co-founder, Dukaan.
The e-commerce websites created through Dukaan can be customised in terms of design and functionality. In addition to that, Dukaan merchants can link their UPI ID with Dukaan and accept payments via credit card, debit card, UPI and digital wallets. Since its launch, Dukaan claims to have facilitated over 1.5 million transactions.
640 Oxford Ventures commented: “Suumit and team understands what SMB’s need to be successful digitally and then ship products to solve those pain points. This round of funding will further enable Dukaan to build meaningful products.”
Akshay Bhushan, Partner, Lightspeed commented: “There is a massive white space opportunity to service the commerce needs of India’s 100 million+ small businesses and the Dukaan team with its product orientation and knowledge of the small business user is ideally positioned to lead the creation of new categories of commerce businesses in India.”
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