BEYOBO Secures Rs 6.7 Crore Funding Led by Indian Angel Network

BEYOBO, a B2B cross-border e-commerce startup specializing in consumer goods, has successfully raised Rs 6.7 crore in a pre-Series A2 funding round, the company announced on Monday. 

The round, which witnessed oversubscription by a staggering 300%, was spearheaded by the Indian Angel Network, with additional participation from the International Startup Foundation, SAN Angels, and several prominent angels and HNIs (high net worth individuals).

The infusion of capital will empower BEYOBO to further its mission of bringing a diverse range of international brands to the Indian market while enhancing its technological infrastructure.

As a leading gateway for Indian SMEs seeking to import goods from global markets, BEYOBO facilitates seamless transactions for both domestic businesses and foreign brands looking to penetrate the Indian market.

Speaking on the fundraise, Anil Agrawal, CEO and Co-Founder, BEYOBO, said, “We are not just creating a platform; we are building a category that will redefine how cross-border transactions are perceived and executed globally, backed by our own 20-year experience in the domain. Our sights are firmly set on achieving profitability as we gear up for a Series A round, and the future looks incredibly bright.”

Driven by its vision to emerge as a multibillion-dollar entity within the B2B digital cross-border domain, BEYOBO has recorded exponential growth over the past year.

The platform caters to a broad spectrum of categories, encompassing cosmetics, mobile and accessories, household goods, and more.

Bikky Khosla, Lead, of Indian Angel Network, said, “Our decision to invest in the last three rounds including the current one is a testament to our belief in the company’s potential and execution of their vision. We believe that BEYOBO is in a position to capitalize on its early mover advantage backed by an experienced team, which will lead them to capture a sizeable market share in the cross-border e-commerce category.”

The significance of BEYOBO’s expansion efforts is underscored by the meteoric rise of India’s B2B e-commerce market. According to data from Statista, the sector surged to an impressive $18.2 billion in 2023, representing a substantial leap from $5.6 billion in 2021.

Analysts predict further exponential growth, forecasting the market to reach an astounding $60 billion by 2025. This projection signals a monumental milestone in India’s digital commerce landscape, indicative of the sector’s robust performance and immense potential.

As BEYOBO continues to redefine cross-border e-commerce dynamics, its latest funding round positions the company for accelerated growth and reinforces its commitment to fostering global trade partnerships while serving the evolving needs of Indian businesses and consumers alike.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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