Udaipur: Beyoung, a fashion e-commerce brand based in Udaipur, has secured Rs 40 crore from revenue-based financing startup Klub. The funding will be utilized by the startup for geographical expansion, technology upgrades, marketing efforts, and logistics improvements. The announcement stated that Beyoung would use the funds to open over 100 offline stores in Tier II and III cities in 2023, enabling the brand to expand its footprint across India and reach a wider audience.
Beyoung, founded by Shivam Soni, Shivani Soni, Sakshi Soni, and Shankar Mali in 2018, offers apparel and accessories for people aged between 16 and 45 years. The startup has witnessed a three-fold jump in monthly recurring revenue, recording an annualized revenue of Rs 150 crore, according to a statement shared by the company. The startup aims to achieve Rs 500 crore in ARR by the end of 2026.
Sudharsan Venkatakrishnan, VP and Head of Capital Platform at Klub stated, “We have seen the outcomes of innovations and enhanced consumer choice these investments have created over the last two years of association with Beyoung and look forward to growing this partnership.” Klub is optimistic about the future of its partnership with Beyoung.
The startup will allocate the funding to enhance its marketing efforts before the beginning of the festive season. Beyoung is in competition with The Souled Store and Bewakoof.com. The e-commerce market in India was valued at $38.5 million in 2017, and according to a report by IBEF, it is expected to reach $200 million by 2027.
In conclusion, the funding from Klub will enable Beyoung to expand its operations and accelerate its growth, reach out to a larger audience, and bring its trendy and affordable fashion offerings to its doorstep. With the potential for exponential growth in the e-commerce market in India, Beyoung is well-positioned to take advantage of this trend and achieve its growth targets.