Arzoo, an Indian startup founded by former Flipkart executives that aims to bring the “best of e-commerce” to brick-and-mortar stores, has sold its assets to Moksha Group in a distress sale.
The deal follows Arzooo's efforts to pursue merger opportunities with several startups, including Bengaluru-based Udaan, according to people familiar with the matter.
Arzooo has raised around $90 million from investors including SBI Investment, Trifecta, Tony Xu, and Celesta Capital, reaching a peak valuation of $310 million.
Neither Moksha nor the startup disclosed financial terms of the deal.
Arzooo has provided a digital bridge for small electronics retailers in India to compete with e-commerce giants and large retail chains. The startup worked with big brands to secure large inventory at competitive prices, and also offered last-mile delivery and working capital solutions.