BEYOBO, a B2B cross-border e-commerce platform, has successfully raised ₹6.7 crore in a pre-Series A2 funding round that was oversubscribed by 300 percent.
The round saw participation from the International Startup Foundation, SAN Angels, and other angel investors and HNIs, led by the Indian Angel Network. BEYOBO intends to utilize the funds to onboard more international brands onto its platform and enhance its technological infrastructure.
BEYOBO functions as an online marketplace facilitating cross-border transactions for Indian SMEs seeking to import goods from global markets. Additionally, it assists foreign brands and sellers in expanding their presence in the Indian market, both online and offline.
Anil Agrawal, CEO and Co-Founder of BEYOBO, commented, “We are not merely establishing a platform; we are pioneering a category that will redefine cross-border transactions globally, leveraging our extensive 20-year experience in this domain. We are focused on achieving profitability as we prepare for our Series A round, and the future looks promising.”
BEYOBO aims to streamline international trade by curating a diverse array of goods and establishing a distinct cross-border category, facilitating global product sourcing at competitive prices tailored for Indian businesses.
The platform currently offers a wide range of products, including cosmetics, mobile accessories, and household goods, and has experienced a doubling in growth over the past year.
According to BEYOBO, a report from Statista.com reveals that India’s B2B e-commerce market surged from $5.6 billion in 2021 to $18.2 billion in 2023. The exponential growth underscores the increasing significance of online platforms in facilitating business transactions. Analysts predict the market size to skyrocket to approximately $60 billion by 2025, marking a significant milestone in India’s digital commerce landscape.
