B2B e-commerce firm Bizongo has raised Rs 825 crore ($110 million) in its series D round of funding, led by New York-based Tiger Global Management, according to regulatory filings. The funds are being raised at a post-money valuation of ₹4,500 crore ($600 million).
The startup’s filings with the Registrar of Companies (RoC) reveal showed that it has issued 10 equity shares and 121,510 series D2 compulsorily convertible preference shares (D2CCPS) at ₹67,890 apiece to 10 subscribers.
In this capital exercise, Tiger Global’s Internet Fund VII subscribed to 49,713 D2CCPS for ₹337.5 crore, while existing investors B Capital, CDC Group, and World Bank’s IFC invested ₹131.25 crore, ₹131.25 crore, and ₹118.23 crore, respectively. The other investors in this round include Chiratae Ventures, Bruno E Raschle, Satyadharma Investments, and Castle Investments. The board of directors of the company approved the issuance of the securities on 25 November. VCCircle was the first to disclose last month that the company was in talks to raise funds from marquee investors.
Also Read: AuthBridge mops up $7mn in Series B round
In October, the startup claimed to have turned profitable and pegged its revenue collection for this fiscal at USD 300 million. The company said it has already surpassed the annual revenue run rate of USD 200 million with exponential business growth in their customer segments across fashion and lifestyle. Bizongo said it primarily draws its revenue from Indian customers and claimed to have started seeing early traction in Bangladesh, Thailand, Middle East and the UK, where it is working with customers in the healthcare and fashion industry. The company’s core platforms have over 120 enterprise customers and a base of over 3,000 partner factories.