B2B e-commerce platform BEYOBO raises Rs 6.7 crore in pre-Series A2 around

B2B cross-border e-commerce platform BEYOBO has raised Rs 6.7 crore in the pre-Series A2 round of funding led by the Indian Angel Foundation.

In the round, other participants were from International Startup Foundation, SAN Angels along with HNIs, the company said in a press note.

The funds raised will be utilised to bring more international brands to the Indian market, as well as to enhance the technology platform.

BEYOBO is an online marketplace that serves as a conduit for Indian SMEs looking to import items from other worldwide marketplaces. It also helps foreign companies and sellers improve their presence in the Indian market, both online and offline, by curating a varied range of items and establishing a cross-border category, to simplify international trade.

“Our journey with BEYOBO has been marked by a deep understanding of their solid business model and an impeccable Founder-Market Fit. Their relentless pursuit of excellence and innovation makes us confident in their ability to lead the cross-border commerce landscape," said Hiren Turakhia, lead at Indian Angel Foundation.

BEYOBO's e-commerce platform has more than doubled in size during the last year.

"Our journey so far has been phenomenal. The overwhelming interest from our investors & customers not only fuels our financial resources but also reaffirms our strategic direction. We are not just creating a platform; we are building a category that will redefine how cross-border transactions are perceived and executed globally, backed by our own 20-year experience in the domain. Our sights are firmly set on achieving profitability as we gear up for a Series A round, and the future looks incredibly bright.” said CEO and co-founder, Anil Agarwal on securing this funding.

The environment of business-to-business (B2B) e-commerce in India is expanding at an unprecedented rate, with market size projected to skyrocket. According to new research released on Statitsta.com, the B2B e-commerce sector in India will reach a remarkable $18.2 billion by 2023, up from $5.6 billion in 2021.