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BEYOBO secures Rs 6.7 crore funding to accelerate cross-border e-commerce expansion

Fintech

BEYOBO, an emerging B2B cross-border e-commerce startup, has successfully raised Rs 6.7 crore in pre-Series A2 funding. The funding round, which was oversubscribed by an impressive 300%, was led by the Indian Angel Network (IAN) with significant contributions from the International Startup Foundation, SAN Angels and prominent High Net Worth Individuals (HNIs).

BEYOBO, a platform focused on facilitating cross-border trade in consumer goods, has announced plans to use this capital infusion to expand its technology infrastructure and expand its portfolio of international brands in the Indian market.

Anil Agrawal, CEO and co-founder of BEYOBO, expressed his excitement about the investment, saying, “We’re not just building a platform; we are building a category that redefines how cross-border transactions are perceived and executed globally, backed by our own 20 years of experience in the field.”

The company’s primary mission is to serve as an intermediary for Indian SMEs looking to import goods from global markets, while providing a gateway to Indian consumers for foreign brands and retailers.

With a robust growth trajectory, BEYOBO has reported a doubling of its business over the past year, covering various categories such as cosmetics, mobile phones and accessories, homeware and more.

Bikky Khosla, head of the Indian Angel Network, highlighted the investor’s confidence in BEYOBO, noting, «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 the realization of their vision.»

The B2B e-commerce sector in India has seen exponential growth, as indicated by Statista.com, with the market value rising to $18.2 billion in 2023 from $5.6 billion in 2021. Forecasts suggest that by 2025, the market would could reach a staggering $60 billion, underscoring the huge opportunities in India’s digital commerce landscape.

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BEYOBO aims to use its early mover advantage and experienced team to consolidate its position as a leading player in the cross-border e-commerce domain and pave the way to reach multi-billion dollar status.

The startup is now gearing up for its Series A round of funding, buoyed by promising cross-border trade prospects and India’s fast-growing e-commerce landscape.

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