Following this announcement, BuyEazzy will leverage the investment in order to expand its presence and overall suite of services to over 40 cities in the region, over the next 15 months. In addition, the company will focus on onboarding multiple offline users and continuing the process of disrupting the traditional supply chain in Bharat.
The funding round was led by Info Edge Ventures, with the participation of other existing investors, such as Incubate Fund Asia and M Venture Partners.
The BuyEazzy online platform was developed in order to cater to customers and users’ unfulfilled needs, preferences, and demands in tier 2+ cities, where access to a wider assortment of products is usually limited. Following this investment, BuyEazzy is expected to focus on the southern states across the region in the near future, with additional plans to move to other parts of the country being made eventually.
The funding round represents an important step in the company’s strategy of optimising the ecommerce market in the region, providing underserved customers and clients with the possibility to benefit from improved services and solutions. At the same time, officials from BuyEazzy mentioned that the ecommerce development across the beauty sector in Bharat represents less than 5%, primarily because of the trust deficit between online platforms, businesses, merchants, and offline users. In addition, long delivery times, product authenticity, and quality issues represent challenges as well.
For now, the company aims to focus on the beauty segment in the near term, with further plans to tap into other adjacent categories being made for the future. BuyEazzy will target growth by 4X by the end of 2024, as well as focus on maintaining healthy unit economics. At the same time, the firm is expected to break at the overall EBITDA level while ensuring accelerated development and remaining compliant with the laws and requirements of the local industry.
Furthermore, the online platform will continue to source products locally from authorised distributors of multiple beauty brands, prioritising the process of ensuring their security, efficiency, and authenticity. As the company does not have its own products, it will focus on selling mainstream PAN India and regional brands.
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