Online B2B marketplace Bizongo raises $51 million from CDC & Others
Schroder Adveq, Bruno Raschle, and existing investors Accel, Chiratae, and IFC are the other investors who participated in the funding round.
Bizongo, founded by Aniket Deb, Ankit Tomar, and Sachin Agarwal in 2015 makes packaging sourcing, distribution, inventory management, and design hassle-free for enterprises. The company's automated supply chain platform ensures that businesses with low inventory have access to packaging.
The company had also raised debt from Strides, Trifecta Capital, Tradecred, and IDFC First Bank, in addition to the equity investments.
"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," says, Prakit Worawattananon, Adventures Managing Director.
Bizongo co-founder and Chief Executive Officer Aniket Deb said it has witnessed an over 3x growth since the completion of the latest round of fundraising and is now “inches away from profitability”.
After the latest funding round, co-founder and Chief Operating Officer Sachin Agarwal stated that the company expects to expand its modular digital service offerings to more product lines in the made-to-order market, such as apparel and textiles.
“In terms of business expansion, we are replicating the digital services model in emerging markets of Southeast Asia which have similar supply-demand dynamics. SCG’s strong presence and know-how in the SEA market is helping us accelerate the execution," he added.
Ankit Tomar, the company's co-founder and Chief Technology Officer, said the operation is scalable because it provides companies with services such as digital vendor management, supply chain automation, and supply chain financing while working with minimal assets.