Beyoung, a ecommerce fashion brand in India, has announced that it has raised funding of Rs 40 crore from Klub, a fintech company that enables revenue-based financing for startups.
The funding will be used to further expand the brand's presence across the country with the opening of over 100 offline stores in tier II and III cities in 2023. The company also plans to use the funds for marketing efforts, technology upgrades, and logistics improvements.
Shivam Soni, Founder and CEO of Beyoung, said, "We are thrilled to receive this funding from Klub Works. 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."
Beyoung’s monthly recurring revenue grew 3x with an annualized revenue of Rs 150 crore and the company aims to touch Rs 500 crore in ARR by 2026.
“Klub Works is thrilled to provide capital to Beyoung, which is a vibrant brand in this segment, and enable them to invest in technology, logistics, and marketing. We’ve seen the outcomes of innovation, and enhanced consumer choice these investments have created over our last 2 years of association with Beyoung and look forward to growing this partnership.”, said Sudharsan Venkatakrishnan, VP and Head of Capital Platform at Klub.