E-commerce fashion startup BeYoung raises Rs 40 crore from Klub

E-commerce fashion startup BeYoung has raised Rs 40 crore from a revenue-based financing platform Klub, it said in a media release on Friday.

The fashion brand said this funding will be used to expand its offline presence across the country with opening of over 100 stores in tier 2 and 3 cities in 2023. 

The company also plans to use the funds for marketing efforts, technology upgrades, and logistics improvements.

The brand said its annualized revenue rate (ARR) grew three times to Rs 150 crore since its first round of funding from Klub and now, it aims to touch Rs 500 crore in ARR by 2026.

Founded in 2018, the startup currently offers a range of clothing, and accessories with a focus on trendy and affordable fashion for young adults.