B2B ecommerce and supply chain enablement platform Bizongo on Monday said it has raised USD 110 million (about Rs 836 crore) in funding, led by New York-based Tiger Global Management. With the latest round, Bizongo’s valuation has soared to USD 600 million.
The series D round also had new investments coming from CDC and IFC EAF, while existing investors BCap, Chiratae Ventures, Schroder Adveq, IFC and Add Ventures by SCG also participated, a statement said. Manish Choksi, a member of Bizongo’s Advisory Board and the Vice Chairman at Asian Paints, also invested in his personal capacity in the round, it added.
Founded by Aniket Deb, Ankit Tomar and Sachin Agrawal in 2015, Bizongo is digitizing the massively fragmented B2B segment of made-to-order goods. It has recorded an 8X growth in its topline from its pre-pandemic scale clocking an ARR of USD 250 million in November this year, and the company is now EBITDA profitable. The company focuses upon packaging, textiles, apparel and other contract manufacturing goods as its product portfolio and has a network of over 3,000 partner factories. The B2B e-commerce platform services over 135 enterprise customers in fashion and lifestyle, pharmaceuticals, consumer discretionary, consumer staples, home and personal care, and e-commerce.
Bizongo will deploy the fresh funds in ramping up its business and tech teams to develop a suite of digital services for both sides of the marketplace, the statement said. It will also invest in nurturing its vendor partnerships and transform over 100 factories into true cloud factories through its proprietary solutions. Bizongo is also expanding its digital supply chain financing (SCF) platform in partnership with top banks and NBFCs. The SCF platform has already enabled early payments worth over Rs 1,000 crore to more than 1,000 SMEs and MSMEs.
“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,” Bizongo co-founder Sachin Agrawal said. He added that the company is now fully geared to sustainably grow the business by at least 300 per cent year-on-year from here on.
The company also announced the launch of an IoT-powered ‘cloud factory’ for made-to-order goods. This SaaS based solution will enable manufacturers to provide their customers with real-time visibility, control, and intelligence across the entire supply chain. The solution has been piloted with leading pharmaceutical packaging manufacturer, Ansapack.
“The market for customised goods is the fastest-growing segment in B2B e-commerce. At a size of USD 500 billion, this market is vast yet highly fragmented and unorganised… The full-stack approach with an asset-light operating model makes Bizongo stand out as a market leader in this segment, John Curtius, Partner at Tiger Global, said.