Bizongo aims to tap $170 billion Indian plastic and chemicals market
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Mumbai-based B2B marketplace for industrial goods, Bizongo has raised an undisclosed amount in seed funding led by Accel Partners. The venture plans to utilise this amount to build an amalgamate platform to buy and sell products or raw materials. The e-commerce portal caters to the Indian packaging, plastics and chemical industries which is said to be $170 billion in size.
Commenting on the investment, Mahendran Balachandran, Partner, Accel Partners, said, “B2B commerce is quite complex as finding the right suppliers is a hard problem. Bizongo is solving this problem by creating a marketplace where discovery and transactions can happen with trust and ease and we believe Bizongo is the right team for this market”.
Founded by three former IITians Ankit Tomar, Aniket Deb and Sachin Agrawal in April 2015, Bizongo is a one stop solution for all business communication and transactions. With an aim of transforming the trade in India, Bizongo is focused on implementing online strategies to engage customers and suppliers on its platform.
The company aims to change the inconsistent manner in which businesses transact by introducing a one-stop solution for all their needs, thus simplifying trade. Their easy to use interactive platform customers browse and reach to the correct product in no time. Tools like live chat and quotation generator further promotes interaction between a buyer and a supplier.
The launch of their Direct Sell facility in July, further, allow customers to place sample and medium sized orders directly from manufacturers and large distributors, with a simple click.
"We are less than a year old and this is just the beginning," said Aniket Deb, Co-founder, Bizongo. Within a few months of the launch, the company saw a tremendous response and the platform have already served more than 2,000 satisfied customers. It further boasts of over 10000SKUs (stock keeping units) across verticals like rigid and flexible packaging, material handling, chemicals, polymers and paint & construction chemicals.
"Bizongo is launching a mobile application for suppliers to help them manage inventory, prices, inquiries, orders and live chat with potential buyers. We are also streamlining our logistics services to cater to wider geographies and achieve cost optimization through demand aggregation," said Deb.
Bizongo’s direct competitors include companies like Tolexo.com, which is an IndiaMART subsidiary, BazarA2Z, Alliedhunt and startups like IndustryBuying.com. Recently , Industrybuying.com announced raising $9 million in a Series B funding from Kalaari Capital, existing investor SAIF Partners and Teruhide Sato’s Beenext.