Fashion brand BeYoung raises Rs 40 crore in funding, plans 100 stores

By

Isabelle Crossley

Published
Apr 27, 2023

Fashion brand BeYoung has raised Rs 40 crore in funding from revenue based financing platform Klub. The men’s and women’s wear brand will use the capital to open over 100 stores in Tier 2 and 3 cities across India this year. 

“The clothing industry in India is incredibly vast, but unfortunately, the stereotype is that better quality means higher prices,” said BeYoung’s founder and CEO Shivam Soni, Indian Retailer Bureau reported. “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 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 specialises in casual wear and first launched in 2018 as an e-commerce brand. The label retails in the mass affordable space and aims to reach an annualised revenue rate of Rs 500 crore 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,” said Klub’s Capital Platform vice president and head Sudharsan Venkatakrishnan. “This trend is expected to continue, with a CAGR [compound annual growth rate] 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 two years of association with BeYoung and look forward to growing this partnership.”