Mumbai-based business-to-business (B2B) e-commerce and supply chain management platform Bizongo became the latest name in a long line of startups to raise capital from investors this year – it raised $110 million in its Series D funding round led by Tiger Global, which has invested in quite a number of Indian startups this year.
The fresh funding round elevated the valuation of the company to $600 million. The round included participation from CDC and IFC EAF (who came in as new investors) as well as exiting investors B Capital, Chiratae Ventures, Schroder Capital, Add Ventures by SCG, and Manish Choksi, a member of Bizongo’s advisory board and vice chairman at Asian Paints, who invested in his personal capacity.
Bizongo had raised $51 million in its Series C funding round earlier, and the company has raised around $187 million to date. Bizongo, in this funding round, issued 10 equity shares and 121,510 series D2 compulsorily convertible preference shares (D2CCPS) at ₹67,890 apiece to 10 subscribers.
The proceeds from the funding round will be utilized towards scaling up its business and tech teams to develop a suite of digital services for both sides of the marketplace, as well as making investments in nurturing its vendor partnerships and transforming over 100 factories into true cloud factories through its proprietary solutions.
The six-year-old Bizongo, founded by IIT graduates Aniket Deb, Ankit Tomar, and Sachin Agrawal, offers packaging solutions and helps businesses design, develop and procure packaging products. It offers boxes, containers, pouches, and bags for a varied range of industries, such as food and hospitality, consumer goods, and retail, and has warehouses in Mumbai, Bengaluru, and Delhi. It has over 1,500 manufacturers with 120 clients and has a capacity to manage 2 million tonnes of material on a monthly basis.
The company clocked a growth of eight times in revenue from its days before the pandemic, clocking an ARR of $250 million in November this year. It is also EBITDA profitable and launched the first IoT-powered (Internet of Things) ‘cloud factory’ for made-to-order goods in India, which is slated to enable manufacturers to provide their customers with real-time visibility, control, and intelligence across their supply chain.
One of its latest offerings is an online bidding platform for real-time seller and price discovery for packaging, textiles, apparel, and other categories, and it is also expanding its digital supply chain financing (SCF) platform in partnership with top banks and NBFCs.
