MUMBAI :
Mumbai based Bizongo, an online B2B marketplace for packaging, today announced its Series C investment of $30 million led by Switzerland-based hedge fund Schroder Adveq that manages assets of $10 billion. Bizongo had raised $22 million as part of its Series B financing round in 2018 led by B Capital and IFC.
“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,” said Aniket Deb, co-founder and CEO of Bizongo. The funds will be deployed to ramp up technology, expand into newer sectors like pharma packaging, and increase Bizongo’s penetration across India, added Deb.
The five-year-old start-up also designs and develops packaging for its clients such as Flipkart, Amazon, Myntra, Swiggy, PharmEasy, Cure.fit, Tata Cliq and Kaya among many others.
“We believe in the vision of the founders who are transforming and digitizing 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,” Kabir Narang, General Partner and Co-Head of Asia at B Capital Group, said in a statement. Existing investors B Capital, Accel, Chiratae Ventures and IFC also took part in this financing round.
Meanwhile, Bizongo has bolstered its leadership team with the addition of senior investment banking professional Tarun Soni as Chief of Staff and Ritu Ranade who took over as VP – Global Sales and Marketing. She brings in 19 years of technology industry experience to the table. Vinothkumar Srinivasan, a veteran of Microsoft, Medlife among others, was elevated as VP-Engineering and Product.
Packaging is a $70 billion market in India which is highly fragmented and largely unbranded. The startup claims to reduce packaging material procurement cost by 2-5% with better production planning for supply partners. Another value-driven offering from Bizongo is Artwork Flo, it is a SaaS-based platform enabling digitization of artwork management processes between teams.
Source: Livemint
