Bizongo, one of many largest business-to-business on-line marketplaces for packaging wants in India, has raised $30 million in recent funding spherical because it seems to be to widen its footprint within the nation and develop to extra classes.
The brand new financing spherical, Sequence C, was led by Switzerland-based hedge fund Schroder Adveq, which manages belongings value $10 billion. Current buyers B Capital, Accel, Chiratae Ventures, and IFC additionally participated within the spherical, the startup mentioned.
Mumbai-based Bizongo has raised about $56 million thus far. It was valued at about $96 million in its Sequence B financing spherical in 2018, in keeping with an evaluation of its regulatory filings.
The five-year-old startup serves as a market for companies to establish, purchase, and promote materials packing options throughout industries. It additionally gives in-house packing design, growth, and procurement options.
Sachin Agarwal, chief working officer and co-founder of Bizongo, mentioned the startup gives a singular worth proposition of promising a “100% availability of packaging materials and no-stock-outs at very low stock.”
“This helps purchasers to cut back their packaging materials procurement price by 2-5% and on the identical time ensures higher manufacturing planning for our provide companions. This creates a powerful worth proposition for all stakeholders throughout the worth chain,” he mentioned in a press release.
Bizongo didn’t reveal what number of prospects it has, however mentioned they span throughout a number of the nation’s main e-commerce, retail, FMCG, FMCD industries. On its web site, it mentions that it really works with over 750 producers in India, and has delivered 290 million packaging models thus far. It additionally claims to have served over 350 manufacturers.
In a press release, Aniket Deb, chief govt and co-founder of Bizongo, mentioned the startup has witnessed a “vital enchancment in working metrics for the reason that final spherical of financing and the present spherical will additional assist us develop the enterprise in a sustainable manner.”
The recent fund might be deployed to ramp up know-how infrastructure and to develop to newer sectors resembling pharma packaging. Deb mentioned the startup additionally plans to work on increasing its presence within the nation.
“We imagine within the imaginative and prescient of the founders who’re reworking and digitising the extremely fragmented B2B packaging market by leveraging know-how and a singular provide chain effectivity resolution. Bizongo has demonstrated robust momentum by persevering with so as to add marquee purchasers and we’ve been impressed with the corporate’s speedy progress trajectory over the previous yr,” mentioned Kabir Narang, Basic Companion at B Capital Group, in a press release.