BEYOBO, a pioneering force in creating a multibillion-dollar category for cross-border commerce, has raised Rs 6.7 crore in pre Series A2 round that was oversubscribed by 300%. The Round has been led by Indian Angel Network and saw participation from International Startup Foundation, SAN Angels along with prominent Angels and HNIs signalling a strong confidence in BEYOBO’s market potential and business model.
Funds raised will be used to bring more international brands to the Indian market and tech platform upgrade.
BEYOBO is an online marketplace where it acts as a gateway for Indian SMEs who want to import goods from other global markets. It also facilitates foreign brands & sellers who want to expand their reach in the Indian market, both online & offline. Our specialty lies in sourcing products globally at competitive prices, tailored for Indian businesses. By curating a diverse range of goods and creating a cross-border category, we aim to simplify international trade. Through BEYOBO, we enhance the Indian market landscape while offering businesses invaluable opportunities for growth and expansion.
Commenting on the fund raise, Anil Agrawal, CEO and Co-Founder, BEYOBO, says, “Our journey so far has been phenomenal. The overwhelming interest from our investors & customers not only fuels our financial resources but also reaffirms our strategic direction. 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.”
BEYOBO is on track to achieve its vision of becoming a multibillion-dollar B2B Digital Crossborder category leader. The company continues to set new standards in the industry, demonstrating a unique founder-market fit that perfectly complements its proven product-market fit. BEYOBO’s e-commerce platform has doubled its growth over the last one year. The platform currently sells across several varieties including cosmetics, mobile and accessories, household goods and much more. The order fulfillment is executed by BEYOBO.
Hiren Turakhia, Lead, Indian Angel Network, says, “Our journey with BEYOBO has been marked by a deep understanding of their solid business model and an impeccable Founder-Market Fit. Their relentless pursuit of excellence and innovation makes us confident in their ability to lead the cross-border commerce landscape.”
Bikky Khosla, Lead, Indian Angel Network adds, “We see BEYOBO as a fast growing force in the cross border commerce category. Our decision to invest in the last 3 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 capitalise on its early mover advantage backed by an experienced team, which will lead them to capturing a sizeable market share in the cross-border e-comm category.”
The landscape of business-to-business (B2B) e-commerce in India is experiencing unprecedented growth, with projections indicating a monumental rise in market size. According to recent data published on Statitsta.com, as of 2023, the B2B e-commerce market in India surged to a staggering $18.2 billion, demonstrating a significant leap from $5.6 billion in 2021.
This exponential growth trajectory underscores the burgeoning importance of online platforms for facilitating transactions between businesses. With the sector’s robust performance, analysts foresee the market size skyrocketing to an estimated $60 billion by 2025, marking a remarkable milestone in India’s digital commerce landscape.