Kitchen and personal care brand Beco raises $10 mn in pre-Series B round
Source: Business Standard
Kitchen and personal care brand Beco announced Tuesday that it has raised $10 million as part of its pre-Series B round fundraise. 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 walked past the initial startup stage.
The company also saw participation from Manish Choksi, promoter of Asian paints, existing investor Rukam Capital and Synergy Capital.
The fund infusion would be put towards innovation and expanding production capacity, developing a strong offline sales infrastructure in key geographies, and lastly, towards brand building and enhancing brand awareness.
Founded in 2019 by Aditya Ruia, Akshay Varma, and Anuj Ruia, the Mumbai-based firm claims to have achieved a 3 times growth in the last year.
Aditya Ruia, co-founder of Beco said, “This round of funding from our existing and new investors comes at a time where we are raring to enter our next phase of growth and enhance our capabilities to meet the demand.”
Since its inception, Beco has been gradually expanding its product offerings that address the intent-action gap vis-a-vis sustainable products, prevalent in consumers today. In the offline outlets, Beco has presence in 10,000 retail stores, with order values matching or exceeding those of legacy brands.
Sankalp Gupta, Partner, Tanglin Venture Partners said, “Over the last few years, there has been a marked shift in consumer preferences towards healthier, toxin-free options. Beco’s focus on product innovation and backend supply chain has enabled them to offer superior products at prices comparable to the incumbents. We believe this ability, coupled with their strong distribution across offline and online channels, provides Beco a strong headstart in a very large market.”
In just five years, Beco has established a strong foothold in e-commerce and quick commerce platforms such as Amazon, Zepto, Blinkit, Swiggy Instamart, and DMart Ready. It is available in general trade across 20 cities and has entered modern trade, with plans to expand to other major players by the end of this quarter.
First Published: Aug 13 2024 | 4:25 PM IST
