Bizongo, a single of the greatest business enterprise-to-small business on the web marketplaces for packaging requirements in India, has lifted $30 million in new funding spherical as it appears to widen its footprint in the nation and serve additional categories.
The new funding spherical, Series C, was led by Switzerland-dependent hedge fund Schroder Adveq, which manages assets worth $10 billion. Present buyers B Money, Accel, Chiratae Ventures, and IFC also participated in the round, the startup claimed.
Mumbai-primarily based Bizongo has lifted about $56 million to date. It was valued at about $96 million in its Collection B funding spherical in 2018, according to an analysis of its regulatory filings.
The five-12 months-previous startup serves as a marketplace for organizations to discover, purchase, and sell materials packing solutions across industries. It also presents packing style, advancement, and procurement answers.
Sachin Agarwal, main running officer and co-founder of Bizongo, stated the startup provides a unique benefit proposition of promising a “100% availability of packaging material and no-inventory-outs at pretty reduced inventory.”
“This allows shoppers to decrease their packaging material procurement price by 2-5% and at the exact time ensures much better generation planning for our source partners. This results in a strong value proposition for all stakeholders across the price chain,” he said in a statement.
Bizongo did not expose how several prospects it has, but reported they span across some of the nation’s main e-commerce, retail, FMCG, FMCD industries. On its website, it promises it performs with over 750 makers in India, and has delivered 290 million packaging models to day. It also statements to have served in excess of 350 brands.
In a statement, Aniket Deb, main executive and co-founder of Bizongo, reported the startup has witnessed a “significant enhancement in running metrics because the last spherical of funding and the recent spherical will even more enable us improve the business enterprise in a sustainable way.”
The contemporary fund will be deployed to ramp up technology infrastructure and to extend to more recent sectors this kind of as pharma packaging. Deb said the startup also strategies to function on expanding its presence in the nation.
“We believe that in the vision of the founders who are transforming and digitising the really fragmented B2B packaging market by leveraging technology and a exclusive source chain effectiveness alternative. Bizongo has shown powerful momentum by continuing to add marquee purchasers and we have been impressed with the company’s swift development trajectory over the previous yr,” claimed Kabir Narang, Basic Companion at B Cash Team, in a assertion.