B2B commerce enabler Beyobo has raised Rs 5.5 Crores in a Pre-Series A Round led by Inflection Point Ventures.
SAN Angels, Indian Angel Network and Hyderabad Angels also participated in this 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.
The company plans to use 25% of the funds towards technology enhancement, 35% to supply enhancement, and the remaining 45% will be utilized for demand generation, a statement said.
Beyobo’s founders include Anil Agrawal (Co-founder & CEO), a second-generation entrepreneur with over 18 years of cross-border business experience. Anil specializes in offline B2B markets, successfully launching the private label brand Whitecherry and achieving remarkable e-commerce success as the largest seller at Paytm Mall for cross-border products. Shikha Agarwal (Co-founder) brings extensive experience in traveling to interior regions of major Asian countries and working with international trade organizations. Kunal Jain (Co-founder) has over 18 years of experience in sales and distribution, having held managerial positions in organizations like Just Buy Live, Videocon, and ICON group, according to the statement.
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.”
