Beyobo, a B2B commerce enabler that provides comprehensive solutions for cross-border procurement, has raised $5.5 million in Pre-Series A funding led by Inflection Point Ventures. SAN Angels, Indian Angel Network, and Hyderabad 6Angels also participated in the round, along with several other individual angels. The funding round was initiated by CENSIE Capital Partners, who acted as the investment bank for the transaction.
Beyobo will use the funds to enhance its technology platform, expand its supplier network, and grow its customer base. The company plans to expand into new categories, such as home & kitchen, and incorporate predictive analytics and personalized cataloguing features to enhance the customer experience.
Beyobo was founded in 2019 by Anil Agrawal, Shikha Agarwal, and Kunal Jain. The company is headquartered in Gurugram, India.
“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,” said Vikram Ramasubramanian, Partner at Inflection Point Ventures. “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.”
Beyobo addresses 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 valued at a massive $730 billion. With a focus on beauty & personal care, consumer electronics, and fashion accessories, BEYOBO has gained significant traction, serving over 35,000+ retailers, and generating ~INR 95 crore in revenue in FY23.
“As CEO of BEYOBO, I’ve seen B2C businesses dominate the last decade, but now we focus on digitalizing B2B operations,” said Anil Agrawal, Co-founder & CEO of Beyobo. “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.”
Beyobo exhibits an impressive array of achievements, from securing two patents for cutting-edge smart technology solutions to assembling a formidable team with vast cross-border trade experience. Their compelling USPs, including no minimum order limit and customer-friendly return policies, have garnered significant attention. With a remarkable annual run-rate revenue of over $13 million and positive CM-2 margins, BEYOBO is firmly on the path to success. Moreover, the company is poised to seize a vast market opportunity, collaborating with millions of offline and digital sellers and numerous large enterprises for transactions worth over $150 billion.
“We are excited to partner with Beyobo and support their mission to revolutionize cross-border B2B procurement,” said Vikram Ramasubramanian. “The company has a strong team with a deep understanding of the market, and we believe they are well-positioned to capitalize on the large and growing opportunity.”