Ecommerce Startup BuyEazzy Nets $4.25 Mn To Branch Out Into Remote Pockets
SUMMARY
BuyEazzy raised $4.25 Mn in its Series A funding round led by Info Edge Ventures, with participation from existing investors Incubate Fund Asia and M Venture Partners
The Mysuru-based startup will use the fresh capital to expand to more than 40 cities and adding 2M offline users
BuyEazzy, founded by Rahul Aggarwal and Hariher B in 2021, caters to consumers' unfulfilled beauty and wellness needs in tier II cities, where access to a wide assortment of beauty products is limited
Beauty products-focused ecommerce platform BuyEazzy has raised $4.25 Mn (INR 35.33 Cr) in a Series A funding round led by Info Edge Ventures, with participation from existing investors Incubate Fund Asia and M Venture Partners.
The Mysuru-based startup will use the fresh capital to expand to more than 40 cities and adding 2M offline users.
BuyEazzy, founded by Rahul Aggarwal and Hariher B in 2021, caters to consumers’ unfulfilled beauty and wellness needs in tier II cities, where access to a wide assortment of beauty products is limited.
“The next wave of growth in India will be driven by users from a highly dispersed continuum of large and small towns in Bharat. We have an ambition to take e-commerce to the most remote corners of India and lead the consumption-led growth story of India,” said Aggarwal.
“By disrupting the supply chain, we are building a unique win-win ecosystem, where manufacturers/ brands get access to remote markets and online distribution, neighbourhood stores can grow their current income by 40-50% and offline users get access to a wider assortment, best prices and convenience of online shopping,” said Hariher B.
Kitty Agarwal, partner at Info Edge Ventures, said, “Indian beauty and personal care market is growing fast. Consumers in smaller cities and towns in India aspire for access to Indian, international and regional brands at the right price points and timely delivery. However, these smaller cities and towns are underserved by the unorganised offline retail and large e-commerce incumbents. ”
In 2022, BuyEazzy raised $1.3 Mn in a seed funding round led by Incubate Fund India and M Venture Partners, along with participation from angels like Superb Capital and others.
Helped by the growing internet and smartphone penetration in the country, a number of ecommerce startups have sprung up over the last few years.
According to Inc42’s State Of The Indian Ecommerce Report Q4 2023, the overall funding in the Indian ecommerce startup ecosystem experienced a notable 47% year-over-year decrease, marked by reductions in both total investment volume and median ticket size, which fell by 32% and 47%, respectively.
E-commerce market share of tier- III cities grew from 34.2% in 2021 to 41.5% in 2022, while that of tier-II cities rose from 19.4% to 21.4% during the period.
