BEYOBO, a cross-border e-commerce platform specializing in consumer goods, has secured INR 6.7 crore in its pre-Series A2 funding round, which was oversubscribed by 300%. The funding was spearheaded by Indian Angel Network, with contributions from the International Startup Foundation, SAN Angels, as well as notable angel investors and high net-worth individuals (HNIs).
The company will utilize the raised capital to bring more international brands to the Indian market and upgrade its technology platform.
Founded by Anil Agrawal, BEYOBO serves as a conduit for Indian SMEs seeking to import goods from global markets, while also facilitating the expansion of foreign brands and sellers into the Indian market.
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Anil Agrawal, CEO and Co-Founder of BEYOBO, said, “We’re not merely establishing a platform; we’re pioneering a category that will revolutionize the perception and execution of cross-border transactions worldwide, leveraging our own two-decade expertise in the field. With profitability in our sights as we prepare for a Series A round, the horizon appears remarkably promising.”
BEYOBO has set its sights on becoming a multibillion-dollar B2B digital cross-border leader within its sector. Having doubled its growth in the past year, the platform offers a diverse array of products spanning categories such as cosmetics, mobile and accessories, household goods, and more.
Expressing his perspective, Bikky Khosla, Lead at Indian Angel Network, remarked, “Our continued investment across the last three rounds, including the present one, underscores our confidence in the company’s potential and their adept execution of their vision. We firmly believe that BEYOBO is primed to leverage its early mover advantage, supported by a seasoned team, to secure a significant market share in the cross-border e-commerce landscape.”
Hiren Turakhia, Lead at Indian Angel Network, “Our experience with BEYOBO has been characterized by a profound grasp of their robust business model and an outstanding alignment between the founder and the market. Their unwavering commitment to excellence and innovation instills confidence in their capacity to spearhead the cross-border commerce domain.”
As of 2023, the B2B e-commerce market in India surged to $18.2 billion, according to data from Statista.com, a significant leap from $5.6 billion in 2021. With the sector’s robust performance, analysts foresee the market size reaching an estimated $60 billion by 2025, marking a remarkable milestone in India’s digital commerce landscape.
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