Bizzo Secures $2 Million From ICICI Bank and Orios Venture
The fund will be used to help small and medium service providers to digitally build, scale and organise their businesses
Bizzo, a tech startup launched to empower digitisation of small and independent service businesses, has received the financial backing of $2 million from an investor community led by ICICI Bank and Orios Venture Partners. The fresh fund will be used to help small and medium service providers to digitally build, scale and organise their businesses.
"For too long now, India's small businesses were pushed towards aggregation. However the trend now moved towards de-aggregation and reduced dependence on centralised monolith platforms with closed systems. We are delighted to have ICICI bank and Orios on board as investors in Bizzo's vision to digitally empower India's vast SMB ecosystem," said Viineit Toshniiwal, co-founder and CEO, Bizzo.
The Indian service sector is largely unorganised with more than 100 million small and independent service providers that are in need of full-stack solutions to directly connect with their customers, as per a report. Bizzo aims to address these pain points by handing back the power to these service providers.
"Bizzo's plan to empower the SMB service ecosystem is in line with our overall thesis of backing ideas that use technology to disrupt traditional ecosystem, thus, benefitting all stakeholders. We are excited to partner with Bizzo in this mission," said Anup Jain, managing partner, Orios Venture.
Founded in 2021, Bizzo helps small and medium service providers to circumvent the growing monopoly of aggregators. It aims to put the power back into their hands so that they can connect with their customers directly.