Mumbai-based online business-to-business marketplace, Bizongo, is raising fresh funds to finance its technology and product offerings.
Aniket Deb, chief executive officer and co-founder, said, “The Indian packaging industry is a USD 72-billion market, and it is growing at a CAGR of 16 per cent. Bizongo is in the right place to leverage this opportunity as packaging is linked to India’s consumption growth story.”
The company has up to USD 22-million through two rounds of funding. Its investors include Accel, Chiratae Ventures (formerly known as IDG Ventures), Facebook co-founder Eduardo Saverin’s venture capital firm B Capital and World Bank’s investment arm International Finance Corporation.
Bizongo envisages the food delivery and e-commerce business to be among major growth drivers besides retail and fast-moving consumer goods (FMCG) sectors. “Our next big bet is the food delivery and e-commerce business which is growing at 31 per cent and 32 per cent, year-on-year, respectively. Retail and FMCG are the two other areas with huge growth potential,” added Deb.
“With this funding, Bizongo aims to clock a turnover of Rs 1,600 crore by the next financial year,” a company official said.
Bizongo provides end-to-end automated packaging design, development, procurement and artwork solutions to its clients across industries such as FMCG, food, retail, consumer durables, supply chain and e-commerce.
"People are buying more branded goods both online and offline, ordering more takeaways even in smaller cities and towns which mean these segments will need more packaging," added Deb.
Deb claims that Bizongo has a revenue run rate of Rs 400-crore which is expected to grow around four times in the next financial year. In terms of manpower, Bizongo has 554 employees that will increase to 700-800.
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