BEYOBO, an emerging B2B cross-border e-commerce startup, has secured Rs 6.7 crore in pre-Series A2 funding. Led by the Indian Angel Network (IAN), the funding round saw a remarkable oversubscription of 300%, with significant contributions from the International Startup Foundation, SAN Angels, and notable high-net-worth individuals (HNIs).
The funds raised will enhance BEYOBO’s technology infrastructure and broaden its range of international brands available in the Indian market. The company aims to strengthen its position as a platform facilitating cross-border trade in consumer goods.
Anil Agrawal, CEO and Co-Founder of BEYOBO expressed enthusiasm about the investment, stating, “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.”
BEYOBO’s primary objective is to assist Indian SMEs in importing goods from global markets while also providing foreign brands and sellers access to Indian consumers. This funding will enable the company to pursue this mission further.
Experiencing substantial growth, BEYOBO has seen its business double over the past year across various categories, including cosmetics, mobile and accessories, household goods, and more.
Bikky Khosla, Lead at Indian Angel Network, stressed the investors’ confidence in BEYOBO, stating, “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.”
The B2B e-commerce sector in India has experienced rapid growth, with data from Statista.com revealing a surge in market value from $5.6 billion in 2021 to $18.2 billion in 2023. Projections indicate that by 2025, the market could reach an impressive $60 billion, highlighting significant opportunities within India’s digital commerce landscape.
BEYOBO intends to capitalize on its early mover advantage and skilled team to strengthen its position as a critical player in the cross-border e-commerce sector, aiming to achieve multibillion-dollar status.
The startup is now preparing for its Series A funding round, fueled by the optimistic prospects for cross-border trade and India’s rapidly growing e-commerce sector.
