Business-to-business vendor-digitization platform Bizongo raised about $50 million from its existing investors in a Series-E funding round led by Schroder Adveq, a Zurich-based private equity firm. The money was secured at a valuation of $980 million, 63% higher compared with the previous round of funding in August 2022, Co-Founder and chief executive Sachin Agrawal. Other participating investors included International Finance Corp, Chiratae Ventures, B Capital, and British International Investment, he stated.

The company, he said, is aiming to post a profit before tax in the fiscal year ending March 2024. It is currently in advanced discussions on an acquisition, said Agrawal, without sharing specific details. In 2022, Bizongo had acquired two companies Hexa and Clean Slate Technologies.

The Tiger Global-backed company was founded in 2015 by IIT graduates Agrawal, Aniket Deb, and Ankit Tomar. It offers software-based vendor management and supply-chain automation and financing. Over the years, Bizongo has changed its focus on various segments of vendor digitization, from packaging, textiles, and apparel to contract manufacturing.

Currently, the company derives half its revenue by consolidating raw materials and purchasing workflows for small and medium-sized vendors and the other half by providing unsecured financing to the same vendors. It has partnerships with more than 40 banks and non-bank financial companies to arrange loans for the vendors.