On Monday, Dukaan has raised $11 million as part of its pre-Series A round of funding, led by 640 Oxford Ventures. The game also saw existing investors Snow Leopard Ventures, Lightspeed Partners, and Matrix Partners India.
Venture Catalyst and new venture firms HOF Capital, Old Well Ventures, LetsVenture, 9Unicorns, along with prominent angels, including OYO’s Ritesh Agarwal and Nothing’s Carl Pei, also participated in the round.
Currently, Dukaan’s funding comes within a year of raising $6 million as a part of its seed funding round last October.
According to the company, it will use the funds to accelerate growth and bolster technology play by making new additions to its team. “This new investment allows us to aggressively expand our operations while building our team of highly skilled 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 2000 merchants have enrolled in our Dukaan premium subscription plan so far,” said Sumit Shah, chief executive officer and co-founder, Dukaan.
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“Premium subscription is just one of the revenue streams, which contributes roughly 10% to our revenues,” added Shah.
