Fashion ecommerce startup Beyoung raises Rs 40 Cr from Klub
The Udaipur-based startup plans to use the freshly raised funds to open 100-plus offline stores by the end of 2023.
Saturday April 29, 2023,
2 min Read
Udaipur-based fashion ecommerce brandhas raised Rs 40 crore from revenue-based financing startup Klub. Beyoung will use the freshly raised funds for geographical expansion, the startup said in a statement. Additionally, it will also use the funds for technology upgrades, marketing efforts, and logistics improvements.
Shivam Soni, Founder and CEO of Beyoung, said, "This investment will enable us to accelerate our growth and expand our footprint across India. We are excited to open over 100+ offline stores in Tier II and III cities in 2023, which will provide us with a significant opportunity to reach out to a larger audience and bring our trendy and affordable fashion offerings to their doorstep."
Founded by Shivam, Shivani Soni, Sakshi Soni, and Shankar Mali in 2018, Beyoung is involved in the manufacturing and sales of apparel and accessories for people between the age of 16 and 45 years.
According to a release shared by Beyoung, the ecommerce startup's monthly recurring revenue has jumped 3X, recording an annualised revenue of Rs 150 crore. By the end of 2026, the startup plans to touch Rs 500 crore in ARR.
"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," said Sudharsan Venkatakrishnan, VP and Head of Capital Platform at Klub.
Before the onset of the festive season, Beyoung will be diverting the capital to push its marketing efforts.
Beyoung competes with the likes of The Souled Store and Bewakoof.com. According to a report by IBEF, the country's ecommerce market was valued at $38.5 million in 2017 and is expected to be worth $200 million by 2027.
(The story was updated to fix a typo in the headline)
Edited by Suman Singh