B2B online marketplace Bizongo bags USD 51 million in Series C funding
Category: #headlines  By Pranali Mehta  Date: 2021-04-27
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B2B online marketplace Bizongo bags USD 51 million in Series C funding

Mumbai-based business-to-business e-commerce startup Bizongo has reportedly bagged USD 51 million during its Series C funding round which was led by the U.K.’s development financial institution CDC Group as well as SCG’s corporate unit AddVentures.

Other participants that were involved in Bizongo’s funding round include Managing Director at Schroder Adveq Bruno Raschle. Existing investors such as IFC (World Bank’s International Finance Corporation, Chiratae, and Accel had also participated.

In terms of debt, Bizongo managed to acquire investments from Trifecta Capital, IDFC First Bank, Stride Ventures, and TradeCred.

For those unaware, Bizongo specializes in designing, developing, and selling packaging material to SMEs (small and medium enterprises). It has warehouses in Delhi, Bengaluru, as well as Mumbai and supplies products to several e-commerce platforms such as Tata Cliq, Teabox, Delhivery, Swiggy, Nyka, and BigBasket.

Founded by Aniket Deb, Sachin Agarwal, and Ankit Tomar in 2015, the Indian startup offers containers, boxes, bags, and pouches for retail, consumer goods, hospitality, and food & beverage industries.

Bizongo was severely hit during the COVID-19 pandemic and had to lay off several employees in July last year. During this time, the company claims to have paid severance packages to the laid-off employees.

Sachin Agarwal, the co-founder and Chief Operating Officer at Bizongo mentioned that the latest investments will allow the company to expand its modular digital service reach and add more product lines including textiles and apparel.

Speaking of business expansion, Bizongo will replicate the digital services model in several Southeast Asian markets which comprise similar supply-demand dynamics, Agarwal added.

Meanwhile, Managing Director of AddVentures Prakit Worawattananon was quoted saying that Bizongo has been generating significant revenues from its operations in the recent past. The fresh investments will allow it to expand significantly while reinforcing its presence in this untapped market space.

It is also worth mentioning that earlier in January, the Mumbai-based startup had secured USD 9.3 million during a growth funding round.

Source Credits –

https://economictimes.indiatimes.com/tech/funding/b2b-e-commerce-player-bizongo-completes-51-million-funding-round/articleshow/82257111.cms

 

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Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

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