02 May 2018, India:
B2B startup Bizongo has raised $22 million in Series B round of funding. The funding round was led by Facebook co-founder Eduardo Saverin’s B Capital and International Finance Corportation (IFC).Existing investors Accel Partners and IDG Ventures also participated in the funding round.
The startup will use the fresh capital to advance its technological platform and design functions.
Kabir Narang, Partner and Co-lead for Asia investments at B Capital said, “Finding the right solution in India’s $40 Bn packaging market with over 30,000 vendors is time consuming – Bizongo makes the process easy by leveraging an in-house design studio, a curated marketplace of over 200 manufacturers and innovative supply chain technology. We are excited to be backing Bizongo and look forward to leveraging our global network of corporate leaders to accelerate growth.”
Deb, co-founder and chief executive at Bizongo. said, “With investment from B Capital we look forward to leverage on their expertise in the South East Asian markets, which will help us in our journey to scale up. IFC’s interest in the B2B e-commerce space and their deep network in the financial ecosystem will only help the company refine its model further.”
Ruchira Shukla, south Asia regional lead for Venture capital at IFC, said, “Digital enablement of SMEs is a very important strategic goal for IFC. To further this goal, we have invested in several B2B digital platforms in India and other emerging markets. Bizongo helps SME suppliers improve their capacity utilization and drive up revenues, providing much needed financial sustainability to this segment.”
Bizongo was founded by Aniket Deb, Sachin Agrawal and Ankit Tomar in 2015. It is owned and operated by Sartpaddle Technology Pvt. Ltd. It provides one-stop-shop packaging solutions to SMEs (Small and Medium Enterprises) and large companies.
(Image – Bizongo)