B2B Commerce Enabler Beyobo Raises Rs 5.5 Crores in Pre-Series A Funding

• ByStartupStory     |    July 27, 2023

B2B commerce enabler Beyobo has raised Rs 5.5 crore in a Pre-Series A funding round led by Inflection Point Ventures, with participation from SAN Angels, the Indian Angel Network, Hyderabad Angels, and other individual angels. The funding was facilitated by CENSIE Capital Partners, the investment bank. Beyobo plans to allocate the funds toward technology enhancement (25%), supply enhancement (35%), and demand generation (45%).

The platform addresses the challenges of product discovery and sourcing in offline retail, providing efficient solutions for discovering imported products. Focused on beauty and personal care, consumer electronics, and fashion accessories, Beyobo has gained traction, serving over 35,000+ retailers and generating INR 95 crore in revenue in FY23. The company aims to expand into additional categories and enhance the customer experience with predictive analysis and personalized cataloging features.

Beyobo is a company that tackles the challenges of product discovery and sourcing in the offline retail market by providing efficient solutions for discovering imported products. The B2B cross-border market is estimated at a substantial $730 billion. With a specific focus on beauty and personal care, consumer electronics, and fashion accessories, BEYOBO has achieved significant success, serving over 35,000+ retailers and generating approximately INR 95 crore in revenue during FY23. The company has ambitious plans to expand into additional categories and enhance the customer experience by incorporating predictive analysis and personalized cataloging features. The co-founders, Anil Agrawal, Shikha Agarwal, and Kunal Jain, bring extensive experience and expertise to the table, making Beyobo a promising player in the B2B commerce landscape.

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 the proverbial boundaries between large metros and tier 2 and 3 cities. Consumers are on the lookout for premium and genuine international brands, and Beyobo is helping such brands make inroads and open 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 and 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.”

The platform operates on a 10% margin, which can be increased twofold, following a zero-inventory model and generating revenue through subscriptions and services. With its strong business model, secured patents, and a notable team, Beyobo is well-positioned for success. The company is prepared to seize the vast market opportunity, collaborating with both offline and digital sellers and numerous large enterprises for transactions worth over $150 billion.

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