BuyEazzy, the e-commerce platform specializing in beauty products with a focus on Bharat, has successfully raised $4.25 million in a Series A funding round. Leading the investment is Info Edge Ventures, with continued support from existing investors such as Incubate Fund Asia and M Venture Partners.
The funding will be allocated to support the company’s expansion, team building, and product enhancement efforts, as stated by the company.
Furthermore, the Mysore-based company announced that the funds raised will be employed to broaden its footprint to over 40 cities in the next 15 months. This expansion plan includes onboarding more than two million offline users and maintaining its disruptive impact on the traditional supply chain in Bharat.
Established in May 2021 by Rahul Aggarwal and Hariher B, the online platform addresses the unmet beauty and wellness requirements of consumers in tier 2+ cities, where access to a diverse range of beauty products is restricted.
The cofounders shared, “We will focus on southern states in the near future and eventually move to other parts of the country.” Presently, the platform is actively serving customers in ten tier 2 and 3 cities located in Karnataka and Tamil Nadu.
Sharing his views Rahul Aggarwal, co-founder and CEO of BuyEazzy, said, “The next wave of growth in India will be driven by users from a highly dispersed continuum of large and small towns in Bharat. We have an ambition to take e-commerce to the most remote corners of India and empower these users to realize the true potential of technology and act as a catalyst in driving the consumption-led growth story of India.”
“By disrupting the supply chain, we are building a unique win-win ecosystem, where manufacturers/ brands get access to remote markets and online distribution, neighbourhood stores can grow their current income by 40-50% and offline users get access to a wider assortment, best prices and convenience of online shopping,” said Hariher B, co-founder and COO of the company.
“BuyEazzy with their unique model and category focus has been able to take e-commerce into deeper India, we are proud to consistently support them since their early years as they continue to scale sustainably coupled with strong execution,” said Rajeev Ranka, Partner at Incubate Fund Asia.
The company additionally stated that e-commerce penetration in the beauty sector in Bharat is below 5%, largely attributed to a trust deficit between online platforms and offline users. This is exacerbated by extended delivery times, as well as concerns regarding the authenticity and quality of products.
When asked about the future plans, the cofounders said, “We will continue to focus on the beauty segment in the near term. We will tap into other adjacent categories later.”
“We are targeting to grow by 4X by the end of this year and are maintaining healthy unit economics (already CM3 positive). We expect to break even at overall EBITDA level while ensuring high growth,” shared BuyEazzy regarding its comprehensive growth outlook.
Speaking about the products on its website, the company said, “We source products locally from authorized distributors of the beauty brands to ensure the authenticity of products. We don’t have our own products, we sell mainstream PAN India and regional brands.”
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