Bizongo, a Mumbai-based online business-to-business marketplace for packaging, has secured US$30 million in its Series C funding round led by Switzerland-based hedge fund Schroder Adveq, according to an announcement.
The International Finance Corporation, Accel, Chiratae Ventures, and venture capital firm B Capital Group have participated in the funding that the company said it would use to widen its footprint in India and expand to more categories.
Founded in 2015 by Aniket Deb, Ankit Tomar, and Sachin Agrawal, Bizongo is an innovative online B2B marketplace that caters to the diverse packaging and material handling industries. It operates an automated supply chain platform that ensures the availability of packaging for business with lower inventory.
The five-year-old start-up also designs and develops packaging for its clients such as Flipkart, Amazon, Myntra, Swiggy, PharmEasy, Cure, Tata Cliq, and Kaya, among others.
Since its inception, the Mumbai-based company has raised about US$56 million. Bizongo’s Series B financing in 2018 valued it at about US$96 million.
In a statement, Bizongo co-founder and chief operating officer Sachin Agarwal said the company offers a unique value proposition of promising a 100-percent availability of packing 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,” Agarwal added.
Kabir Narang, general partner and co-head of Asia at B Capital Group, which participated in this funding round, said Bizongo has demonstrated strong momentum by continuing to add marquee clients.
“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,” he added.
The funding round comes as India’s US$70-billion packaging market remains highly fragmented and largely unbranded, according to data.
Recently,Pando, a supply chain management software provider in India, has successfully concluded its latest Series A funding round. The funding was led by Chiratae Ventures along with existing investor Nexus Venture Partners. Pando managed to raise US$9 Million and has thus enhanced its net worth.