BEYOBO, a B2B e-commerce platform, has raised Rs 6.7 crore in a pre-Series A2 round that was oversubscribed by 300 per cent. The round was led by the Indian Angel Network and saw participation from the International Startup Foundation, SAN Angels, along with prominent angels and HNIs, signaling strong confidence in BEYOBO’s market potential and business model.
The fund raised will be used to bring more international brands to the Indian market and upgrade the tech platform. BEYOBO is an online marketplace that acts as a gateway for Indian SMEs who want to import goods from other global markets. It also facilitates foreign brands and sellers who want to expand their reach in the Indian market, both online and offline.
The platform currently sells several varieties, including cosmetics, mobile accessories, household goods, and much more. The order fulfillment is executed by BEYOBO. The platform completed a pre-series A investment led by Inflection Point Ventures in July 2023, raising Rs 5.5 crore. Along with a number of individual angels, the participating groups included Hyderabad Angels, SAN Angels, and the Indian Angel Network. As the investment bank, CENSIE Capital Partners started the funding round.
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.”
Bikky Khosla, Lead, Indian Angel Network, adds, "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 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. In contrast to the $20 billion market opportunity in 2022, online-first, tech-enabled business-to-business (B2B) marketplaces are predicted to offer a $200 billion opportunity by 2030, according to a report by venture capital firm Bessemer Venture Partners.
