India-based Bizongo, an innovative platform that offers made-to-order materials to various industries, improving the supply chains for unbranded products, raised USD 110 million on 20th December 2021.
Investors: The investment round was led by US-based Tiger Global. Additionally, new investors CDC, EAF, Schroder, IFC, and Add Ventures by SCG made the new investments. Existing investors BCap, Chiratae Ventures, and Schroder Adveq participated. Bizongo’s Advisory Board member and Asian Paints Vice Chairman, Manish Choksi, contributed personal funds in the round.
Purpose of funding: The startup plans to use the funds to boost the business and technical teams to develop a suite of digital services. Additionally, it intends to nurture vendor relationships and transform more than 100 factories into cloud-based ones. Moreover, the startup is partnering with banks and non-bank financial companies to expand its lending platform for supply chains.
About Bizongo
Founded in 2015 by Aniket Deb, Ankit Tomar, and Sachin Agrawal, Bizongo is located in Mumbai, India. Bizongo is an innovative platform that offers made-to-order materials to various industries, improving the supply chains for unbranded products. Briefly, it’s a B2B platform for unbranded yet exclusive products that cater to a booming Made-to-Order market. By offering digital platforms like Procure Live, Artwork Flow, and Partner Hub, Bizongo allows businesses to optimize their supply chains for unbranded products. With its digital services, the startup will enable companies to cut operational overhead, reduce costs, and simplify contracts in an era of increasing commodity prices. As of now, the startup services over 120 enterprise clients in the following industries: fashion & lifestyle, pharmaceuticals, consumer discretionary, consumer staples, home & personal care, and e-commerce.
What the founder has to say
“There is a lot of untapped potential in the way Indian businesses can leverage technology to grow and thrive. Bizongo offers solutions across digital vendor management, supply chain automation, and supply chain financing to its enterprise customers,” said Sachin Agrawal, co-founder at Bizongo.
“It enables them to digitize their entire vendor ecosystem and build integrated and connected supply chain processes. We are very proud of the grit and resilience the team has demonstrated over the past few years. We are now fully geared to sustainably grow the business by at least 300 per cent year-on-year from here on.”
What the investors have to say
“The market for customized goods is the fastest-growing segment in B2B e-commerce. At a size of $500 billion, this market is vast yet highly fragmented and unorganized. We found Bizongo very unique in the way they have been building a transaction-led platform with a tech-first vs a trade-first mindset. The full-stack approach with an asset-light operating model makes Bizongo stand out as a market leader in this segment,” said John Curtius, Partner at Tiger Global.
“We are excited to double down on our investment in Bizongo. It’s great to see the progress of the company since our initial investment a few years back. Bizongo is now a leading tech-enabled online platform that serves as a digital aggregator between a fragmented SME manufacturing base and its customers across e-commerce, FMCG and Healthcare,” said Kabir Narang, Founding General Partner at B Capital.
For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.
We try our best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!
Next Article
