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Sunday, May 19, 2024

BeYoung secures Rs 40 crore funding to expand fashion e-commerce platform

E-commerce Company Beyoung said on Friday that revenue-based lender Klub has invested $4.89 million (about Rs. 40 crore) in it.

The Udaipur-based firm will utilise the additional funding for marketing, marketing expansion, technological stack scalability, and logistical growth.

Beyoung, which Shivam Soni founded in 2018, provides reasonably priced apparel and accessories. In FY23, the firm claims to have generated ARR (annualised recurring revenue) of Rs 150 crore. By 2026, the company hopes to have attained Rs 500 crore in ARR. 

Klub, created by Ishita Verma and Anurakt Jain, offers flexible development funding with no personal guarantees or dilution of ownership in the range of Rs 2 million to Rs 30 crore. In India, the firm has supported over 380 brands from various industries.

Klub gave six businesses credit earlier this year in the amount of up to $6 million (around Rs 50 crore). These businesses include the plastic-free toy retailer Ariro Wooden Toys, the solar energy company Freyr Energy, the electric scooter manufacturer Hero Electric, the vegan skincare line Neemli Naturals, the electric ride-sharing company BluSmart Mobility, and the brand Ecofynd.

With e-commerce company Meolaa receiving an undisclosed sum as part of its initial investment round, led by Ranjan Pai, MEMG’s (Manipal Education and Medical Group) chairman, funding activity in the e-commerce sector is experiencing a rebound this month. The week prior, Mitsui & Co. of Japan contributed Rs 205 crore to JSW One Platforms, the business-to-business (B2B) e-commerce division of JSW Group.


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