Dukaan® is a DIY platform to set up an online store in 30 seconds.
Tuesday, 20th October 2020. Bengaluru: Dukaan® announced today 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 that enables small merchants with zero 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 over social media channels.
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 ramped up over 2.7 million merchants across India in a short duration since its launch. Dukaan's power stores have generated over 600,000 orders in the last three months, generating a total gross merchandise value of over Rs. 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 spends. With this infusion of capital, Dukaan will continue to expand 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.'
Akshay Bhushan, Partner, Lightspeed India said, "What got us most excited about Dukaan was the team and their missionary zeal in enabling small retailers to go online. We are proud to support the Dukaan team from day one, as they create this platform and leverage the digital tailwind that almost every industry and sector is seeing today.'
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.'
About Dukaan:
Dukaan® is a DIY platform to set up an online store in 30 seconds. Dukaan users can use the platform to build an online store where they can catalogue all their products. This helps the large offline retailer base to move online and in turn expand their business. Further information is available at https://mydukaan.io/. You can reach the team at support@mydukaan.io.
About Lightspeed:
Lightspeed is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise and Consumer sectors. Since 2000, the Lightspeed India team has backed entrepreneurs and helped build over 300 companies, including Snap, OYO, Byju's, Nutanix, Udaan, Stitchfix and Sharechat. Lightspeed and its affiliates currently manage more than $10 Billion across the global Lightspeed platform, with investment professionals and advisors in India, Silicon Valley, Israel, China, Southeast Asia, and Europe. Visit us at https://lsvp.com/
About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading companies such as Ola (mobility), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Limeroad (social e-commerce platform), Mswipe (mobile POS), Five Star Business Finance (SME lending), OfBusiness (credit led B2B marketplace), Ola Electric (electric vehicles), Razorpay (payments), Stanza Living (tech enabled student housing platform), Country Delight (direct-to-home, mass premium milk brand), Camp K12 (global online school for 21st century skills) Vogo (scooter sharing), DealShare (social commerce platform), Bijnis (digital B2B marketplace) and Cloudnine Hospitals (leading chain of maternity hospitals), among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.
