D2C Fashion Brand Beyoung Raises Rs 40 Cr From Klub
Beyoung, a direct-to-consumer (D2C) fashion brand, has raised Rs 40 crore in funding from Klub, a fintech company that enables revenue-based financing for startups.
As per the startup, the freshly raised funds 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 ecommerce fashion brand also plans to use the funds for marketing, technology upgrades, and logistics improvements.
Beyoung | Direct-to-consumer Fashion Brand
Founded by Shivam Soni, Beyoung offers a range of t-shirts, shirts, boxers, winter collections, shirts, chinos & jeans and more. The ecommerce fashion brand has recently achieved a 1.5 million+ user base and delivered 20 lakh+ orders.
Speaking about the development, 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.”
As per the startup, its monthly recurring revenue grew 3x with an annualized revenue of Rs 150 crore. The ecommerce fashion brand aims to touch Rs 500 crore in ARR by 2026.
Commenting on the development, Sudharsan Venkatakrishnan, VP and Head of Capital Platform at Klub, said,
“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.”
Last month, Off Duty, a Mumbai-based direct-to-consumer (D2C) apparel brand, raised Rs 4 crore from revenue-based financier Velocity.
Earlier this month, Klub invested Rs 10 crore in D2C startups such as NOTO Ice Cream, Papacream, Artinci, and Local Ferment Co. Last year in September 2022, Klub announced the final close of its Rs 200 crore maiden fund Acelere8. In December 2021, Klub raised an undisclosed amount in a debt financing round from Northern Arc Capital.
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