Bizongo, one of the largest business-to-business online marketplaces for packaging needs in India, has raised USD 30 million in fresh funding. The Series C round was led by Switzerland-based hedge fund Schroder Adveq. Existing investors including B Capital, Accel, Chiratae Ventures and International Finance Corporation (IFC) have participated in the round.
“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,” said Aniket Deb, CEO of Bizongo.
Bizongo provides end-to-end automated packaging solutions for companies operating across sectors, such as fast-moving consumer goods, hospitality, food and beverage, retail, e-commerce and industrial logistics, using its proprietary software products Design Square, Artwork Flow and Procure Live.
Sachin Agarwal, chief operating officer and co-founder of Bizongo, said the startup offers a unique value proposition of promising a “100% availability of packaging material and no-stock-outs at very low inventory.”
“This helps clients to reduce their packaging material procurement cost by 2-5% and at the same time ensures better production planning for our supply partners. This creates a strong value proposition for all stakeholders across the value chain,” he said in a statement.
Bizongo is founded by IIT Bombay alumni Deb and Sachin Agarwal, and IIT Delhi graduate Ankit Tomar in 2015.
“We believe in the vision of the founders who are transforming and digitising the highly fragmented B2B packaging marketplace by leveraging technology and a unique supply chain efficiency solution. Bizongo has demonstrated strong momentum by continuing to add marquee clients and we have been impressed with the company’s rapid growth trajectory over the past year,” said Kabir Narang, general partner at B Capital Group, in a statement.