Dukaan, an ecommerce enablement platform, has secured $11 million in its pre-Series A round led by 640 Oxford Ventures. The fresh funds have come almost a year after a $6 million seed round for the Bengaluru-based startup.
Snow Leopard Ventures, Lightspeed Partners, and Matrix Partners India have also participated along with Venture Catalyst and new venture firms HOF Capital, Old Well Ventures, LetsVenture, Veda.VC, AppyHigh, 9Unicorns and a number of angels including Oyo’s Ritesh Agarwal, Carl Pei, Co-founder and the CEO of Nothing.
The new investment will help the company to expand its operations, build the team and grow its paying merchant base, said Dukaan in a press release.
It’s worth noting that Dukaan was in late-stage talks with Tiger Global for a larger round, however, the talks eventually fell through for some unknown reasons.
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 e-commerce website and accept digital wallets instantly. Since its launch, Dukaan claims to have facilitated over 1.5 million transactions.
According to Suumit Shah, the company had started monetization during the last quarter, and more than 2000 merchants have enrolled in its premium subscription which contributes 10% to the company’s revenues.
Akin to the bookkeeping segment in 2019, ecommerce enablement space aka dukantech has been a flavour of this year, and this could be noticed from fresh investments. Digital book-keeping app Khatabook, which runs MyStore, had recently closed its $100 million Series C round.
Last week, Y Combinator-backed Bikayi also raised $10.8 million in its Series A round. Other notable players in this space include PayU-backed Dot and Tiger Global-backed OkCredit which has a similar app like Dukaan called OkShop. While Dot had raised $23.4 million in March this year, Tiger Global-backed OkCredit has not raised a new round since September 2019. According to Entrackr sources, Dot is in the market to raise fresh proceeds.