BeYoung Aims to Open 100+ Stores in Tier 2 and 3 Cities after Raising 40 Cr Funding through Klub
BeYoung’s monthly recurring revenue grew 3x with an annualised revenue of INR 150 crores and the company aims to touch INR 500 crores in ARR by 2026. BeYoung has seen an exponential growth in our revenues after raising funds from Klub with easy access to repeat rounds. This has allowed them to experiment in growing their business and achieve success.
Klub, India’s leading Revenue Based Financing platform, has announced that it has funded BeYoung, an e-commerce fashion brand for men & women. The company sanctioned a capital of INR 40 crores to BeYoung which will be used for rapid expansion of 100+ offline stores in tier 2 and 3 cities across the country in 2023.
BeYoung was born in the year 2018, with the idea of four creative souls whose prime purpose was to establish an e-commerce brand that represents the common Indian young souls when it comes to fashion and accessories with distinctive and out of the box designs and trendy product range. Being a bootstrapped company, it aims to target customers in the mass-affordable everyday fashion space with clothes starting at INR 250.
Shivam Soni, Founder and CEO at BeYoung said, “The clothing industry in India is incredibly vast, but unfortunately, the stereotype is that better quality means higher prices. At BeYoung, we aim to challenge this stereotype by producing a range of mass-affordable clothing that is accessible even to smaller cities. We have seen an exponential growth in our revenues after raising funds from Klub with easy access to repeat rounds. This has allowed us to experiment in growing our business and achieve success.”
BeYoung has raised capital through Klub’s platform to push its marketing efforts especially before the onset of the festive season in India. Since the company raised the first round of capital from Klub, BeYoung’s monthly recurring revenue grew 3x with an annualised revenue of INR 150 crores and the company aims to touch INR 500 crores in ARR by 2026.
With e-commerce in India projected to reach $200 billion by 2026, the fashion industry has been witnessing a surge in online retail, now accounting for over 35% of total fashion sales in the country. This trend is expected to continue, with a CAGR of 22% for online fashion retail over the next five years. Klub 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, Vice President and Head, Capital Platform at Klub.
Founded in 2019 by Anurakt Jain and Ishita Verma, Klub provides digital businesses with fast and flexible capital without having to dilute equity, and has extended funds to 450+ brands across sectors in over 1000 investment rounds. Klub launched the largest owned fund in the Revenue Based Financing ecosystem in India which is a SEBI registered Cat II AIF fund of INR 200 crores that successfully closed in September, last year. Most recently, the company also announced that it has invested INR 10 crores in D2C firms to increase working capital ahead of the summer sale across fast commerce platforms.