Bizongo Secures $51 Mn In Series C Funding
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B2B platform Bizongo for made-to-order goods announced on Monday the completion of its Series C funding round with a total of $51 million. The latest tranche was led by CDC, a development finance institute owned by the UK government, and AddVentures-SCG’s corporate arm that engages with tech startups worldwide.
The first tranche of the round had seen participation from Schroder Adveq and Bruno Raschle. Schroder Adveq is a leading private equity asset manager with over $10 billion under AUM. The round also saw participation from existing investors such as Accel, Chiratae, and IFC. On the debt front, investments came from Strides, Trifecta Capital, TradeCred, and IDFC First Bank.
“As a co-founder, I am extremely proud that the team has demonstrated tremendous grit and resilience through the past year. Bizongo has shown more than threefold growth since the completion of the latest round of fundraising and is now inches away from profitability,” said Aniket Deb, co-founder, and chief executive officer, Bizongo.
Bizongo has been said to have witnessed tremendous growth over the last year, with over 100 clients and 1,000 manufacturing partners. With a clear focus on optimizing supply chains for custom-made products, the company uses its proprietary digital platforms such as Procure Live and Partner Hub to simplify vendor management and supply chain for its business customers.
“Post the latest round of funding, Bizongo has made tremendous progress towards profitability and positive cash flows. The company has been generating positive cash flow from operations for the past two quarters, something rarely witnessed in the B2B e-commerce space. Through this, it has created a solid foundation to further accelerate the growth and consolidate their market leadership in such a largely untapped market,” remarked Prakit Worawattananon, managing director, AddVentures by SCG.
Bizongo was founded in 2015 by three IIT graduates—Aniket Deb, Sachin Agrawal, and Ankit Tomar—to digitally transform the fragmented and unbranded yet unique and ubiquitous B2B segment of made-to-order goods.
“What sets the founders and the Bizongo team apart is their intense commitment to customer success and their continuous leverage of technology to solve complex problems and create value for their customers,” commented Arijit Sengupta, partner, B Capital.
In an era, where SMEs who are manufacturing packaging, textiles, and apparel have limited access to unsecured working capital, Bizongo has partnered with over 10 financial institutions to provide access to faster working capital and early payments to its own partner manufacturers.
“With the latest round, we plan to extend our modular digital service offerings to more product lines such as apparel and textiles in the made-to-order segment. In terms of business expansion, we are replicating the digital services model in emerging markets of South East Asia which have similar supply-demand dynamics. SCG's strong presence and know-how in the SEA market is helping us accelerate the execution,” stated Sachin Agrawal, co-founder, and chief operating officer, Bizongo.
“The tech-first vs trade-first approach has been the core of Bizongo and our bouquet of digital services is stronger than ever before. Bizongo enables businesses with services across digital vendor management, supply chain automation and supply chain financing. The full-stack approach with an asset-light operating model is what makes it truly scalable for us. Globally, this is the first time an auto replenishing supply chain is being implemented at such a scale in the space of made-to-order goods,” added Ankit Tomar, co-founder, and chief technology officer, Bizongo.
With a focus on customer experience and service, the platform aims to provide its customers with a tech-first solution so that they can center their attention on their core business.