Bizongo, an online marketplace for B2B packaging materials, has raised $3 million in its latest funding round from IDG Ventures. The company’s existing investor Accel Partners has also contributed to this round.
Earlier, in October last year, the company had raised an undisclosed amount of funding in a seed round from Accel Partners. Commenting about the usage of the raised funds, Aniket Deb, Co-founder of Bizongo, says,
The funds will be used to expand our seller base and work towards focusing deeper into spreading pan India demand. We also intend to invest in our supply chain and logistics capabilities. Our platform and our technology products are built with the singular objective of making procurement a hassle-free and seamless process, we plan to invest in our technology team and capabilities as well.
In a astatement, Prayank Swaroop, principal, Accel , said,
We partnered with Bizongo in mid-2015 in their seed round. Bizongo has grown 100x in the last one year and has become a great example of a modern B2B commerce marketplace that leverages technology to make business more convenient—in a very complex vertical, that is packaging.
The company was founded last year by graduates from IIT Bombay and IIT Delhi — Aniket Deb and Sachin Agrawal, along with Ankit Tomar. As per the startup, they have served more than 3,000 businesses since its inception last year.
Going forward, Bizongo intends to partner with large corporates in the retail and manufacturing segment and handle their procurement process end-to-end.
Currently, the company offers purchase analytics, inventory management and purchase planning capabilities to buyers. The company wants its technology team to focus on these offerings. It is also planning to build on a lot of packaging innovation, develop newer categories and offer packaging consultation to our buyers.
Aniket says that they are focused on the $17 billion packaging industry in India, which has hardly any organised players. The platform currently focuses on containers, bags, boxes and pouches, which are frequently used by the retail, FMCG, food and hospitality, and e-commerce industries, among others. It also offers several custom packaging and branding options.