Bizongo, a startup which operates a business-to-business marketplace for packaging solution to e-commerce, logistics, cosmetics and others, has confirmed that it has secured $30 million in its Series C funding round.
This new investment was led by Switzerland-based hedge fund Schroder Adveq along with the participation of the company’s existing investors B Capital, Accel, Chiratae Ventures and IFC.
The company says that it will use this newly infused capital to ramp up its technology as well as to expand operations into newer sectors like pharma packaging, and increase its adoption across the country.
Aniket Deb, co-founder and chief executive of the company, said: “Bizongo has witnessed a significant improvement in operating metrics since the last round of financing and the current round will further help us grow the business in a sustainable way. The funds will be deployed to ramp up technology, expand into newer sectors like pharma packaging, and increase Bizongo’s penetration across India.”
Bizongo was founded in 2015 by Aniket Deb, Sachin Agarwal, and Ankit Tomar. It provides end-to-end automated packaging solutions using its proprietary software products Design Square, Artwork Flow and Procure Live.
Prior to this funding round, the startup had raised $22 million in Series B funding in May 2018; $3 million Series A round in September 2016; and $650,000 in seed funding round in September 2015 from Accel.
The company currently has more than 250 employees and is catering to over 350 clients. It claims to have been associated with 750 manufacturing partners across sectors in an industry which is said to be worth around $70 billion. Its clientele includes Flipkart, Amazon, Myntra, Swiggy, BigBasket, Curefit, FirstCry, Jio, Nykaa, among others.
