Bizongo Raises $110 Million In Series D Round
The company will utilize the fresh funds to ramp up its business and tech teams
Bizongo has raised $110 million in Series D round led by Tiger Global Management.
The B2B tech company has recorded an eight times growth in its top line from its pre-pandemic scale clocking an ARR of $250 million in November this year. The growth is also associated with a strong unit economics and positive cash flow as the company is now EBITDA profitable. Bizongo has made its operating model inventory-free, further strengthening the capital efficiency of the business, said a statement.
“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. It enables them to digitize their entire vendor ecosystem and build integrated and connected supply chain processes. We are very proud of the grit and resilience the team has demonstrated over the past few years. We are now fully geared to sustainably grow the business by at least 300 percent year-on-year from here on,” said Sachin Agrawal, co-founder at Bizongo.
The company 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. It will also invest in nurturing its vendor partnerships and transform over 100 factories into true Cloud factories through its proprietary solutions. The tech company has recently launched an online bidding platform for real-time seller and price discovery.
“The market for customized goods is the fastest-growing segment in B2B e-commerce. At a size of $500 billion, this market is vast yet highly fragmented and unorganized. We found Bizongo very unique in the way they have been building a transaction-led platform with a tech-first vs a trade-first mindset. The full-stack approach with an asset-light operating model makes Bizongo stand out as a market leader in this segment,” said John Curtius, partner at Tiger Global.
Bizongo was founded in 2015 by three IIT graduates Aniket Deb, Sachin Agrawal and Ankit Tomar to digitally transform the B2B segment of customized goods. Today, 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, added the statement.