BEYOBO, a cross-border e-commerce platform for consumer goods, has raised Rs 6.7 billion in a pre-series A2 round with 300 per cent oversubscription, the company announced on Monday. The round was led by Indian Angel Network with participation from International Startup Foundation, SAN Angels, a prominent angel and his HNI (High Net Worth Individual).
BEYOBO said it will deploy capital to bring more international brands to the Indian market
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.
Commenting on the funding, Anil Agrawal, CEO and Co-founder of BEYOBO, said: We are building a category that redefines how cross-border transactions are perceived and performed around the world, backed by his 20 years of experience in this field. As we prepare for our Series A round, we have our sights firmly set on achieving profitability and think the future is incredibly bright. ”
BEYOBO said it aims to become a multi-billion dollar B2B digital cross-border company in the category. The platform, which has seen double growth in the past year, sells across categories including cosmetics, mobile and accessories, homeware, and more.
Bikky Khosla, Indian Angel Network Lead said: “Our decision to invest in the last three rounds, including this one, is a testament to our belief in our potential and the execution of our vision. We believe that this will help us gain significant market share in the cross-border e-commerce category.”
According to data from Statitsta.com, in 2023, India's B2B e-commerce market will be
