Mars Growth Capital of the Liquidity Group invested $25 million in Bizongo, an Indian B2B network for made-to-order goods that technologically improves vendor management and distribution networks. The funds will be used by Bizongo to increase its presence in Southeast Asia and its clientele for distribution networks.
Yaron Primovich, managing director at Mars Growth Capital and the Global CRO of Liquidity Group said, “The funding will allow for 100% availability of packaging material and no-stock-outs at very low inventory level, as well as help Bizongo’s clients to reduce their made-to-order product line procurement cost.”
For enterprises in the cuisine and lodging, consumer products, and retailing, Bizongo provides cartons, containers, sachets, and sacks. It has warehouses in Mumbai, Bengaluru, and Delhi, and BigBasket, Nykaa, Swiggy, Delhivery, Teabox, and Tata Cliq are just a few of its clients.
Speaking on the matter at hand, Sachin Agarwal, one of the co-founders of Bizongi said, “Bizongo has powered Indian manufacturers to automate their supply chain, access working capital and increase their clientele. We want to bring similar benefits to manufacturers across SE Asia and help them scale. The credit line from Mars Growth Capital will fuel our expansion into more sectors.”
Bizongo is a tech-enabled B2B platform that supplies packaging solutions along a variety of sectors, such as durable goods, clothing and lifestyle, fabrics, consumer discretionary, pharma, household and individual care. It was founded in 2015 by IIT graduates Aniket Deb, Sachin Agrawal, and Ankit Tomar. With the help of its portals, Procure Live and Partner Hub, the firm has more than 300 commercial clients and more than 3,000 associate factories.
The company now has a network of approximately 6,300 partner companies and concentrates on packaging, linens, garments, and other contract manufacturing commodities. Bizongo provides corporate clients with important services like Digital Vendor Management, Supply Chain Automation, and Supply Chain Financing using its own unique digital platforms including Procure Live, Partner Hub, and Artwork Flow.
IoT startup Clean Slate was purchased by Bizongo in March for an unknown sum. Prior to that, it repurchased ESOPs valued at $3.7 million in February of this year. At a post-money valuation of $600 million, Bizongo received $110 million in a Series D fundraising round in 2021. Tiger Global took the lead in the round. A survey claims that India’s packaging market, which was estimated to be worth $50.5 billion in 2019, will likely expand to be worth $204.81 billion by 2025, with a CAGR of 26.7 percent between 2020 and 2025.