Beyobo Raises INR 5.5 Crore In Pre-Series A Funding According to an official statement, the company plans to use 25% of the funds towards technology enhancement, 35% to supply enhancement, and the remaining 45% will be utilized for demand generation
By Teena Jose
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B2B commerce enabler Beyobo has raised INR 5.5 crore in a pre-Series A funding round led by Inflection Point Ventures. SAN Angels, Indian Angel Network and Hyderabad Angels also participated in this round, along with several other individual angels. The funding round was initiated by CENSIE Capital Partners, who acted as the investment bank for the transaction.
According to an official statement, the company plans to use 25% of the funds towards technology enhancement, 35% to supply enhancement, and the remaining 45% will be utilized for demand generation.
"As CEO of BEYOBO, I've seen B2C businesses dominate the last decade, but now we focus on digitalizing B2B operations. Cross-border transactions pose challenges, so we've developed three engines for non-linear growth. Our deep understanding of major Asian countries empowers us, and we're ready to embrace the promising road ahead. The IPV team and their investors prove to be not just valuable in terms of providing funds, but also offer indispensable support in terms of ideating and brainstorming, providing real time feedback and sharing business connections," said Anil Agarwal, co-founder and CEO, Beyobo.
Beyobo, founded by Anil Agrawal, Kunal Jain, and Shikha Agarwal, is a cutting-edge company in the cross-border B2B procurement industry. The company plans to expand into additional categories and incorporate predictive analysis and personalized cataloguing features to enhance the customer experience, said the company in the statement.
It also claimed that BEYOBO has gained significant traction, serving over 35,000-plus retailers, and generating INR 95 crore in revenue in FY23.
"The market for international brands has seen a sharp rise due to deeper penetration of social media which has removed proverbial boundaries between large metros and tier 2 and 3 cities. The consumers are on a look out for premium and genuine international brands and Beyobo is helping such brands making inroads and opening new markets for them. We believe B2B online commerce is just beginning to unfold in India and it will see many new and disruptive models with Beyobo taking the lead," said Vikram Ramasubramanian, partner, Inflection Point Ventures.
