BEYOBO, a pioneering leader in B2B cross-border commerce, announces the acquisition of a patent for its groundbreaking product identification automation technology. The patent has been granted for a unique algorithm that will help BEYOBO automate product categorisation, cataloguing, and customs compliance. The code developed will enable BEYOBO to track down any product by using their HSN code only.
BEYOBO’s patented system is designed to revolutionize how products are identified and managed in the global supply chain. This innovation leverages advanced intelligence and automation to streamline international trade, ensuring unparalleled efficiency and accuracy. By implementing hierarchical, ontological, and self-referential codes, BEYOBO sets a new standard for efficiency, accuracy, and scalability in B2B cross-border transactions.
Commenting on the patent grant, Anil Agrawal, CEO, BEYOBO, says, “Cross-border e-commerce has always been a global play for us. The consumption story of India has proven time and again that if the customers are provided with good quality products at affordable prices, there is a business to be built. At BEYOBO, we are dedicated to pushing the boundaries of what’s possible in cross-border trade with our innovative approach and cutting-edge technology. This patent is a testament to our team’s hard work and innovative spirit. Now, as we enter large global markets like the US and UAE, we are also marching towards profitability and firming up our IPO plans for 2026.”
Backed by esteemed investors such as Indian Angel Network, Hyderabad Angels, Inflection Point Ventures, SAN Angels, and ISF Network, BEYOBO is looking to turn profitable in Q3. The company currently with a monthly revenue of Rs 18 crore aims to reach Rs 40 crore in October 2024. The target for FY closing revenues would be approx. Rs 600 crore. BEYOBO plans to clock monthly revenues exceeding Rs 1,000 crore by Oct 2025 with IPO plans in 2026.
With a proven product-market fit in India, BEYOBO is set to expand its unique value proposition to the UAE and USA markets. Their strategic growth plan includes offering seamless solutions for global brands looking to enter new markets, supported by robust technology and a comprehensive service suite. Anil Agrawal, Founder, BEYOBO has built deep vendor relationships in markets like Japan, Indonesia, Korea, China, Vietnam, Hong Kong, Singapore, Dubai, Malaysia, Bangladesh, Nepal, and Taiwan. He plans to leverage these connections to bring more brands to India, UAE, and the USA consumers.
This exponential growth trajectory of business-to-business (B2B) e-commerce in India underscores the importance of online platforms for facilitating business transactions. 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.