Cross-border e-commerce platform for consumer goods BEYOBO has raised Rs 6.7 crore in pre-Series A2 round oversubscribed by 300 per cent, the company announced on Monday. The round was led by Indian Angel Network with participation from International Startup Foundation, SAN Angels along with prominent angels and HNIs (high networth individuals).
BEYOBO said it will deploy capital to bring more international brands to the Indian market and upgrade its technology platform.
BEYOBO acts as a gateway for Indian SMEs who want to import goods from other global markets. The company also enables foreign brands and sellers to expand their reach in 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.”
BEYOBO said it aims to become a multibillion-dollar B2B digital cross-border company in its category. The platform, which has doubled its growth over the last one year, sells across categories including cosmetics, mobile and accessories, household goods, etc.
Bikky Khosla, Lead, 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 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-commerce category.”
According to data 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. 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, the company said.
