Switzerland-based hedge fund Schroder Adveq led the funding round
B Capital, Accel, Chiratae Ventures and IFC also participated in the round
Bizongo is a B2B online marketplace offering industry packaging supplies
Mumbai-based B2B packaging marketplace Bizongo, on Monday (January 27), announced that it has raised $30 Mn Series C round led by Switzerland-based hedge fund Schroder Adveq. Existing investors — B Capital, Accel, Chiratae Ventures and International Finance Corporation (IFC) — also participated in the funding round.
With the recently raised funds, the company is looking to improve existing technologies. “We are also looking to expand into newer sectors such as pharma packaging, and increase Bizongo’s penetration across India,” Aniket Deb, cofounder and CEO of Bizongo, was quoted as saying by ET.
Prior to this Bizongo had raised a $22 Mn Series B funding round led by B Capital along with International Finance Corporation (IFC). Deb said that since the last funding round, Bizongo has witnessed significant improvement in operating metrics. And with this funding round, the cofounder believes that it will further help the company to grow in a sustainable way.
Founded in 2015 by IIT graduates Deb, Sachin Agrawal and Ankit Tomar, Bizongo is a B2B online marketplace offering industry packaging supplies for sectors such as ecommerce, retail, restaurant and hospitality, FMCG, industrial logistics, food and beverage.
Bizongo makes the product listing process easy by leveraging an in-house design studio, which helps manufacturers showcase their products with better graphics, thanks to the Bizongo’s proprietary software — Design Square, Artwork Flow and Procure Live.
The startup also looks after the entire packaging value chain, thereby helping the clients to reduce their packaging material procurement cost.
Bizongo manages and procures packaging for over 350 clients, including leading brands such as Flipkart, Snapdeal, Myntra, Bunge, TataCliq, Firstcry and many more. The startup works with over 750 manufacturers who create packaging materials in more than 200 product categories.
According to IBEF, the Indian ecommerce market is expected to grow to $188 Bn by 2025. Further, India’s hyperlocal market is expected to reach INR 2,306 Cr by 2020, according to Ken Research.
This makes a clear opportunity for the companies offering packaging supplies such as Bizongo and B2B industrial goods marketplace Moglix. In July 2019, Moglix had a $60 Mn round led by US-based Tiger Global Management and Sequoia Capital. Hong Kong-based Composite Capital joined the funding round as a new investor.