Comments
BuyEazzy, a local e-commerce platform, has raised $4.25 million in a Series A funding round led by Info Edge Ventures, featuring participation from existing investors Incubate Fund Asia and M Venture Partners.
This funding will play a crucial role in supporting the company’s expansion, team-building, and product enhancement initiatives. Founded in May 2021, the start up previously raised $1 million in August 2022.
The platform addresses beauty and wellness needs in Tier 2 cities, where access to a diverse range of beauty products is limited. E-commerce penetration for beauty in these regions is below 5 per cent, mainly due to trust issues, long delivery times, and concerns about product authenticity and quality.
By leveraging local store owners and consumers, it offers a convenient online shopping experience with a wide assortment, competitive prices, and reliable delivery. Rahul Aggarwal, co-founder and CEO, emphasizes their goal to extend e-commerce to the most remote corners of India, driven by users from large and small towns.
The funds raised will be utilized to expand BuyEazzy’s presence to over 40 cities, onboard more than two million offline users, and disrupt the traditional supply chain in the country. Currently operational in ten Tier two or three cities in Karnataka and Tamil Nadu, the company plans to reach 40+ cities soon.
By disrupting the supply chain, the platform aims to create a win-win ecosystem, enabling manufacturers and brands to reach remote markets, neighborhood stores to increase income by 40–50 per cent, and offline users to access a broader assortment at the best prices, noted Hariher B., co-founder and COO.
- Also read: Cleantech INDRA raises $4 m Series A funding from Mela Ventures and Emerald Technology Ventures
According to Kitty Agarwal, Partner at Info Edge Ventures, the Indian beauty and personal care market is growing fast, with consumers in smaller cities and towns in India aspiring for access to Indian, international, and regional brands.
“The startup over the past two years has operated in a capital-efficient manner and gone deep within a few cities in Karnataka with high customer retention and good economics,” she added. Meanwhile, Rajeev Ranka, Partner at Incubate Fund Asia, expresses pride in consistently supporting its sustainable growth.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.