Bizongo secures USD 51 million in Series C funding
The company aims to extend its modular digital service offerings to more product lines such as apparels and textiles in the made-to-order segment
30 Apr 2021 | By Aultrin Vijay & WhatPackaging? Team
Mumbai-based B2B marketplace for packaging, Bizongo has announced the completion of its Series C funding round with a total of USD 51 million. The latest tranche was led by CDC, a development finance institute owned by the UK government, and AddVentures- SCG’s corporate arm that engages with tech start-ups worldwide.
The first tranche of the round had seen participation from Schroder Adveq and Bruno Raschle. Schroder Adveq is a leading private equity asset manager with over USD 10 billion under AUM. The round also saw participation from existing investors such as Accel, Chiratae and IFC. On the debt front, investments came from Strides, Trifecta Capital, TradeCred, and IDFC First Bank.
Bizongo has witnessed tremendous growth over the last year, with over hundred clients and thousand manufacturing partners. With a clear focus on optimising supply chains for custom made products, Bizongo uses its proprietary digital platforms such as Procure Live and Partner Hub to simplify vendor management and supply chain for its business customers.
Sharing his thoughts on the funding, Aniket Deb, co-founder and CEO at Bizongo said, “I am extremely proud that the team has demonstrated tremendous grit and resilience through the past year. Bizongo has shown more than 3x growth since the completion of the latest round of fundraising and is now inches away from profitability”.
Prakit Worawattananon, managing director at AddVentures by SCG said: “Post the latest round of funding, Bizongo has made tremendous progress towards profitability and positive cash flows. The company has been generating positive cash flow from operations for the past two quarters, something rarely witnessed in the B2B ecommerce space.
“Through this, it has created a solid foundation to further accelerate the growth and consolidate their market leadership in such a largely untapped market.”
Meanwhile, Arijit Sengupta, partner, B Capital said, “What sets the founders and the Bizongo team apart is their intense commitment to customer success and their continuous leverage of technology to solve complex problems and create value for their customers.”
However, Sachin Agrawal, co-founder and COO at Bizongo added, “With the latest round, we plan to extend our modular digital service offerings to more product lines such as apparels & textiles in the made-to-order segment.”
He added that in terms of business expansion, Bizongo is replicating the digital services model in emerging markets of South East Asia, which have similar supply-demand dynamics. “SCG's strong presence and know-how in the SEA market is helping us accelerate the execution,” he added.
“The tech-first versus trade-first approach has been the core of Bizongo and our bouquet of digital services is stronger than ever before. Bizongo enables businesses with services across digital vendor management, supply chain automation and supply chain financing,” said Ankit Tomar, co-founder and CTO at Bizongo. “Globally, this is the first time an auto replenishing supply chain is being implemented at such a scale in the space of made-to-order goods.”
According to Bizongo, the company aims to provide its customers with a tech-first solution so that they can centre their attention on their core business. “They offer them complete visibility on the procurement cycle and inventory, which ensures that they have full control over their supply chain,” the company said in a statement.