Arzooo, an Indian retail tech startup founded by former Flipkart executives, has sold its assets to Moksha Group in a transaction described as a distressed sale.

The company had explored merger opportunities with several firms, including Bengaluru-based Udaan, according to sources.

Arzooo raised approximately US$90 million from investors, including SBI Investment and Celesta Capital. At its peak, the startup had a valuation of US$310 million.