BEYOBO, B2B cross-border e-commerce platform, has raised ₹6.7 crore in a pre-Series A2 round that was oversubscribed by 300 per cent.
International Startup Foundation and SAN Angels, along with other angels and HNIs, participated in the round, led by Indian Angel Network. According to the company, the funds raised will be used to bring more international brands to the Indian market and tech platform upgrade.
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.
Anil Agrawal, CEO and Co-Founder, BEYOBO, says, “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.”
Also read:Bengaluru, Chennai lead India’s tech talent surge: report
According to the company, BEYOBO aims to simplify international trade by curating a diverse range of goods and creating a cross-border category. It helps in sourcing products globally at competitive prices, tailored for Indian businesses.
BEYOBO’s e-commerce platform currently sells across several varieties, including cosmetics, mobile and accessories, and household goods, and has doubled growth over the last one year.
A statement by the company also said a Statitsta.com report indicated that the B2B e-commerce market in India has soared to $18.2 billion in 2023 from $5.6 billion in 2021. “This exponential growth trajectory underscores the burgeoning importance of online platforms in facilitating transactions between businesses. 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,” it stated.