Moksha buys Arzooo assets in distress deal

Mumbai-based distribution and supply chain company Moksha Group has acquired business-to-business consumer electronics startup Arzooo 's assets, the companies said in a joint statement on Wednesday without disclosing the size of the deal. The distress deal comes months after Arzooo's unsuccessful attempts to raise new capital or merge with bigger rivals. The Bengaluru-based startup, founded by former Flipkart executives Khushnud Khan and Rishi Raj Rathore in 2016, had raised $80-90 million and was backed by likes of Celesta Capital, Japan's SBI Holdings and Doordash founder Tony Xu.

Moksha Group will acquire Arzooo's technology platform and its various intellectual property assets and trademarks. "Arzooo also has a private label brand, which will now be owned by Moksha Group," a person familiar with the matter said on condition of anonymity. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories.