Horizontal Ecommerce platform BuyEazzy has raised $4.25 million in a funding round led by Info Edge Ventures.
The round also saw participation from its existing investors including Incubate Fund Asia and M Venture Partners.
The funds will be used for geographical expansion, team building and enhancing the product portfolio. “Our tech is currently outsourced. A part of the funds is going towards building our in-house tech team and tech muscle power,” said Rahul Aggarwal, cofounder and chief executive of BuyEazzy.
Aggarwal further added that a sizable chunk of money is going into working capital to optimise margins and strengthen the inventory levels, further expanding the assortment on the platform.
Founded in 2021 by Rahul Aggarwal and Hariher B, the startup sells beauty and personal care products sourced directly from authorised distributors, which are then offered on the platform. According to Aggarwal, the company has grown by 4x in the last year.
Currently operational in 10 tier 2 and tier 3 cities within Karnataka and Tamil Nadu, the Mysore-based platform plans to expand its presence to over 40 cities over the next 12-15 months, bringing in more than 2 million offline users.
“We are going to be primarily based out of southern India in the near term, and then we will expand to the whole of India,” Aggarwal said. The company has raised a total of $5.55 million. Commenting on the fundraise, Kitty Agarwal, partner at Info Edge Ventures said, “Rahul and Harrier have executed very well over the past two years in a capital-efficient manner and have gone deep within a few cities in Karnataka with high customer retention and good economics.
We are very excited to be partnering with them as they scale BuyEazzy into a dominant player across India over the next few years.” “BuyEazzy with their unique model and category focus has been able to take e-commerce into deeper India, we are proud to consistently support them since their early years as they continue to scale sustainably coupled with strong execution,” said Rajeev Ranka, partner at Incubate Fund Asia.
