Kitchen and personal care brand Beco announced on Tuesday that it has raised $10 million as part of its pre-Series B funding round. The funding was led by Tanglin Venture Partners, with participation from Titan Capital Winners Fund.
Series B is the second round of funding after the company has passed the initial startup stage.
The company also had participation from Manish Choksi, promoter of Asian paints, existing investor Rukam Capital and Synergy Capital.
The funding injection would go towards innovation and expansion of production capacity, development of a solid offline sales infrastructure in key geographies and, finally, building and improving brand awareness.
Founded in 2019 by Aditya Ruia, Akshay Varma and Anuj Ruia, the Mumbai-based company claims to have achieved 3x growth in the last one year.
Aditya Ruia, Co-Founder of Beco, said: “This round of funding from our existing and new investors comes at a time when we are eager to enter our next phase of growth and enhance our capabilities to meet demand.”
Since its inception, Beco has gradually expanded its product offering to address the intention-action gap in relation to sustainable products, so common among today’s consumers. In the physical market, Beco is present in 10,000 retail stores, with order values that match or exceed those of traditional brands.
Sankalp Gupta, Partner at Tanglin Venture Partners, said: “In recent years, there has been a marked shift in consumer preferences towards healthier, toxin-free options. Beco’s focus on product innovation and the back-end supply chain has enabled it to offer superior products at prices comparable to traditional players. We believe this capability, coupled with its strong distribution across online and offline channels, gives Beco a strong advantage in a very large market.”
In just five years, Beco has managed to establish itself strongly on e-commerce and fast commerce platforms such as Amazon, Zepto, Blinkit, Swiggy Instamart and DMart Ready. It is available in mainstream commerce in 20 cities and has entered modern commerce, with plans to expand to other major players by the end of this quarter.
First published: August 13, 2024 | 16:25 IS
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.