MYSORE, Jan 18 (The CONNECT) – BuyEazzy, a pioneering neighborhood e-commerce platform, announced today that it has successfully closed a $4.25 million Series A funding round led by Info Edge Ventures with participation from existing Pg investors Incubate Fund Asia and M Venture Partners.
Founded by Gold Medalist Chartered Accountant, Rahul Aggarwal and INSEAD alumni, Hariher Balasubramanian, BuyEazzy is transforming Millions of neighborhood micro-preneurs across Bharat to become multi-preneurs, to diversify and monetize their loyal customer base without any additional investment, inventory and risk.
This latest round of funding will be instrumental in supporting the company’s expansion, team building and product enhancement efforts.
The startup’s last fundraise was $1 Million in August 2022.
BuyEazzy, founded in May 2021 by Rahul Aggarwal and Hariher B, and based in Mysore, is on a mission to transform Bharat’s beauty and wellness e-commerce landscape. The platform caters to consumers’ unfulfilled beauty and wellness needs in Tier 2+ cities, where access to a wide assortment of beauty products is limited.
E-commerce penetration for beauty in these regions is less than 5%, primarily due to the trust deficit between online platforms and offline users, long delivery times, and product authenticity and quality issues. By leveraging the trust between neighborhood store owners and consumers, BuyEazzy offers a convenient online shopping experience with access to a wide assortment, competitive prices, and reliable delivery.
The funds raised in this round will be utilized towards expanding BuyEazzy’s presence to 40+ cities, onboarding 2M+ offline users, and continuing to disrupt the traditional supply chain in Bharat. The company is currently operational in 10 Tier 2/3 cities in Karnataka and Tamil Nadu, and plans to reach 40+ cities in the near future
Rahul Aggarwal, Co-founder & CEO of BuyEazzy, said, “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 empower these users to realize the true potential of technology and act as a catalyst in driving the consumption-led growth story of India.”
Hariher B, Co-founder & COO of BuyEazzy, said, “Even in a city like Mysore, users have to visit 4-5 shops to buy their preferred hair color or skincare product due to lack of assortment and frequent stock-outs at physical retail outlets. By disrupting the supply chain, we are building a unique win-win ecosystem, where manufacturers/ brands get access to remote markets and online distribution, neighborhood stores can grow their current income by 40-50% and offline users get access to wider assortment, best prices and convenience of online shopping.”
“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.
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 unorganized offline retail and large ecommerce incumbents. Rahul and Hariher have executed very well over the past two years in a capital efficient manner and 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.”
Hiran Embuldeniya, Partner at M Venture Partners said, “Tier 2+ India presents a non-linear growth opportunity for many businesses. Seeing this opportunity and being able to execute against this is what separates Rahul and Hari from many other founders. They have already demonstrated strong execution, obsessive commitment, and the localized expertise essential for building BuyEazzy. We are very excited to continue to support them in their latest round of fundraising as they continue on their mission to reach millions of offline users”
