In the pulsating realm of e-commerce, DUKAAN has emerged as a game-changer, a force that’s reshaping how small businesses approach the digital frontier. Central to Dukaan’s rise to stardom. Is its ingenious approach to assisting small enterprises in establishing their online presence, devoid of the labyrinthine complexities often associated with e-commerce. This article embarks on an exciting journey to unravel the intricate tale of Dukaan’s funding journey, lighting its valuation, and deciphering the mosaic of its shareholders structure. The platform’s mission was clear: to enable small and local businesses to establish their online presence without the complexities typically associated with e-commerce.
Dukaan Company Profile
Dukaan, which means “Shop” in Hindi, was founded in June 2020. Founded by the dynamic duo of Suumit Shah and Subhash Choudhary. Their vision was simple as it was ambitious. To empower local and small-scale businesses, enabling them to embrace the digital era without the complexity and cost traditionally associated with e-commerce.
Dukaan is an Indian e-commerce platform that simplifies the process of creating and managing online stores for small and local businesses. It allows local businesses to set up their digital storefronts without the need for extensive technical knowledge or coding skills. Dukaan is a SaaS (Software as a Service) platform. Dukaan follows this model to deliver its services to small businesses and entrepreneurs.
Some key points of Dukaan
- It serves in B2B (Business-to-Business) space and in retail market segments.
- Legal name of Dukaan – Growthpond Technology Private Limited.
- Being present on a digital platform. It didn’t rely on serving specific cities in the traditional sense as physical businesses do.
- It is accessible to users as long as they have access to the internet and a compatible device.
- Dukaan gained prominence in the e-commerce industry in India in the years following its inception.
- It provides a range of tools and features. Such as inventory management, order processing, payment integration, and marketing, all accessible through a web interface.
- As of March 31, 2022, Dukaan reported a revenue of $704K.
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One of the key drivers behind Dukaan’s meteoric rise has been its ability to secure funding from prominent investors. Funding rounds became a milestone in the company’s journey. Dukaan’s first funding round took place on November 15, 2019. The funding it has garnered is not merely an investment; it’s a testament to the belief in Dukaan’s mission to empower the small scale businesses that form the backbone of the economies worldwide.
|YEAR||SERIES ROUND||MONEY GROWTH||INVESTORS|
|January 1, 2020||Seed round||–||–|
|May 5, 2020||Seed round||–||–|
|October 19, 2020||Seed round||Rs.1.6 crores||Lightspeed India Partners, Matrix Partners India|
|September 5, 2021||Series A||–||640 Oxford Ventures, Lightspeed India Partners|
|August 13, 2022||Seed round||Rs. 15,83 crores||–|
Dukaan reportedly as of 2022, raised a total amount of $31.7 million over 6 rounds of funding. Matrix Partners India and HOF Capital are the latest investors. With this financial backing, the company surged forward, refining its platform and broadening its reach. The investment influx propelled Dukaan to new heights, allowing it to further refine its platform and expand its offerings.
Dukaan Valuation and Shareholders
Dukaan’s valuation has witnessed remarkable growth over its journey. The valuation milestone not only reflects its progress but also the confidence investors have in its future. Dukaan raised a valuation of $72.4 million on August 13,2022. The app empowered millions of SMBs across India, providing them with digital tools to manage their finances efficiently, access credit, and make informed business decisions. Snow Leopard Ventures, Lightspeed Partners, Matrix Partners, HOF Capital, along with others participated in the fundraising part and making valuation up to mark.
Company’s 10% of the revenue comes from the subscription fees that the merchants pay on their platform. The company has planned to hit $10 million in the next few years.
As of the latest report on August 13, 2022, funds with the value of 38.88%, owns the majority of shares. While founders with a net worth of Rs.203 crores, own 35.34% of shares. Along with it ESOP owns 15.13% of shares, Enterprise holds 2.84%, and Angels hold 7.80% of shares. Dukaan has top competitors in the line like BigCommerce, Shopify, etc. Reportedly Dukaan has many shareholders in their list. Some of its shareholders are Matrix Partners India, Sequoia Capital, Venture Capitalists, and Angel Investors.
In the span of a few short years, Dukaan has gone from a startup with a novel idea to a financial technology giant providing a platform for small businesses. Its valuation, funding success, and diverse shareholder base are a testament to the innovation and dedication of its founders and team. Dukaan’s journey serves as an inspiring example of how technology can transform traditional industries and improve the lives of countless individuals and businesses, especially small and local business.