BuyEazzy, a Mysore-based horizontal e-commerce platform specializing in the beauty and personal care sector, has recently achieved a significant milestone in its growth journey. The company has successfully raised $4.25 million in a Series A funding round. This funding round was led by Info Edge Ventures, marking a strong vote of confidence in BuyEazzy’s business model and future prospects. Existing investors, Incubate Fund Asia and M Venture Partners, also participated in this round, further solidifying their support for the company’s vision and expansion plans.
The startup, co-founded by Rahul Aggarwal and Hariher B in May 2021, has rapidly made a name for itself in the e-commerce industry, particularly in tier 2 and tier 3 cities within Karnataka and Tamil Nadu. BuyEazzy stands out for its focus on catering to the beauty and personal care needs of consumers in these regions, where access to a wide range of products is often limited. The company’s approach has resonated well with its target market, as evidenced by its impressive growth trajectory.
With this fresh infusion of capital, BuyEazzy plans to significantly expand its geographical footprint. The company aims to extend its reach to over 40 cities in the next 12 to 15 months, with an initial focus on southern India before expanding nationwide. This expansion is not only geographical but also in terms of its product offerings and customer experience.
A notable portion of the investment will be allocated towards building an in-house tech team. This move indicates a strategic shift from outsourcing tech needs to developing internal capabilities, which is expected to enhance the platform’s technological prowess and offer a better shopping experience to its customers. Additionally, the funds will be used to optimize margins, strengthen inventory levels, and expand the product assortment available on the platform, thereby enhancing the overall customer experience.
Furthermore, BuyEazzy is looking to bolster its team, adding new members to support its growing operations. This expansion in human resources is indicative of the company’s commitment to scaling its operations and improving service delivery.
The startup has already demonstrated a fourfold growth in the last year and is on a mission to bring more than 2 million offline users online. This ambitious goal underlines BuyEazzy’s commitment to bridging the digital divide in beauty and personal care shopping, particularly in less urbanized regions.
The Series A funding and subsequent expansion plans place BuyEazzy in a strong position to redefine the e-commerce landscape for beauty and personal care products in India, especially in underserved markets. The company’s focus on tier 2 and tier 3 cities, combined with its strategic investment in technology and team expansion, sets the stage for a new era of growth and customer engagement in the e-commerce sector.