In a Pre-Series A Round headed by Inflection Point Ventures, B2B commerce enabler Beyobo secured Rs 5.5 crore. In this round, SAN Angels, the Indian Angel Network, and Hyderabad 6 Angels joined a number of other individual angels. The funding round was started by CENSIE Capital Partners, which served as the transaction’s investment bank.
The corporation intends to allocate 25% of the capital to improving technology, 35% to improving supply, and the rest, or 45%, to demand generation, as reported by Entrepreneur.com
Vikram Ramasubramanian, Partner, Inflection Point Ventures, says “The market for international Brands has seen a sharp rise due to deeper penetration of social media which has removed proverbial boundaries between large metros and tier 2 and 3 cities. The consumers are on a look out for premium and genuine international brands and Beyobo is helping such brands making inroads and opening new markets for them. We believe B2B online commerce is just beginning to unfold in India and it will see many new and disruptive models with Beyobo taking the lead.”
Anil Agarwal, Co-founder & CEO, Beyobo says, “As CEO of BEYOBO, I’ve seen B2C businesses dominate the last decade, but now we focus on digitalizing B2B operations. Cross-border transactions pose challenges, so we’ve developed three engines for non-linear growth. Our deep understanding of major Asian countries empowers us, and we’re ready to embrace the promising road ahead. The IPV team and their investors prove to be not just valuable in terms of providing funds, but also offer indispensable support in terms of ideating & brainstorming, providing real time feedback and sharing business connects. Moreover, Anil confidently asserts that BEYOBO has already laid out a blueprint for building a multibillion-dollar company.”
India’s top cross-border e-commerce site for consumer goods, called BEYOBO, was founded in 2019 by Anil Agrawal, Kunal Jain, and Shikha Agarwal. Manufacturers and suppliers from one nation can upload their catalog, and buyers from another nation can choose and purchase the things they need with just a single click on the BEYOBO app. Tech layers can now control payments for quality assurance, purchasing, and services in general.