Key Points
- BEYOBO, a B2B cross-border e-commerce platform, has secured Rs 6.7 crore in its pre-Series A2 funding round led by the Indian Angel Foundation.
- Other participants in the funding round include the International Startup Foundation, SAN Angels, and High Net Worth Individuals (HNIs).
- The raised funds will be utilized to bring more international brands to the Indian market and to enhance BEYOBO’s technology platform.
- BEYOBO serves as an online marketplace connecting Indian SMEs with global suppliers and helps foreign companies establish their presence in the Indian market.
- CEO and co-founder Anil Agarwal expressed confidence in BEYOBO’s strategic direction and emphasized the platform’s aim to redefine cross-border transactions.
- The B2B e-commerce sector in India is witnessing rapid growth, with projections indicating a market size of $18.2 billion by 2023, up from $5.6 billion in 2021.
In a significant development for the B2B e-commerce landscape, BEYOBO, a cross-border platform facilitating international trade, has successfully raised Rs 6.7 crore in its pre-Series A2 funding round. Led by the Indian Angel Foundation, the round saw participation from the International Startup Foundation, SAN Angels, and High Net Worth Individuals (HNIs), marking a pivotal milestone for the burgeoning platform.
BEYOBO, known for its online marketplace connecting Indian SMEs with global suppliers, plans to utilize the raised capital to expand its footprint in the Indian market and bolster its technology infrastructure. With a focus on bringing more international brands to Indian shores, BEYOBO aims to streamline cross-border transactions and redefine the landscape of global commerce.
The platform serves as a vital conduit for Indian SMEs seeking to import goods from international markets while also facilitating foreign companies in enhancing their presence in India. By curating a diverse range of products and establishing a dedicated cross-border category, BEYOBO endeavors to simplify international trade for businesses across borders.
Commenting on the funding, Hiren Turakhia, lead at Indian Angel Foundation, expressed confidence in BEYOBO’s business model and its potential to lead the cross-border commerce sector. Turakhia lauded the platform’s commitment to excellence and innovation, highlighting its integral role in shaping the future of international trade.
BEYOBO’s CEO and co-founder, Anil Agarwal, articulated the company’s vision of revolutionizing cross-border transactions and reaffirmed its strategic direction. Agarwal emphasized the platform’s focus on achieving profitability as it gears up for a Series A round, underscoring the bright prospects ahead.
The funding comes at a time when the B2B e-commerce sector in India is experiencing unprecedented growth, with projections indicating a staggering market size of $18.2 billion by 2023, a substantial leap from $5.6 billion in 2021. BEYOBO’s latest funding round underscores the burgeoning opportunities in India’s dynamic e-commerce landscape, positioning the platform for further expansion and innovation in the realm of cross-border trade.
