Indian digital vendor management startup Bizongo raises $50M in Series E
The expanding demand for digital vendor management solutions to optimise operations, foster efficiency, and drive growth has fueled a significant milestone for Bizongo, a Mumbai-based startup specializing in e-commerce-focused packaging solutions.
Founded in 2015 by IT graduates Sachin Agrawal, Aniket Deb, and Ankit Tomar, Bizongo empowers brands, enterprises, and their vendor businesses with the perfect blend of result-oriented technology and working capital solutions, to unlock fresh paths of success for them.
At its core, the Mumbai-based startup aims to digitize the fragmented B2B segment of made-to-order goods. It currently has three key product lines including digital vendor management, supply chain automation, and supply chain financing services.
The platform currently serves between 450 to 500 enterprise customers across various industries, including fashion and lifestyle, pharmaceuticals, and consumer goods, with about 7,000 to 8,000 SME vendors onboarded on its platform.
Beyond vendor management, Bizongo also provides unsecured financing to vendors, collaborating with over 40 banks and non-bank financial companies for loan disbursement.
In FY23, Bizongo recorded a gross merchandise value of $800 million and generated approximately INR 1,705 crore ($230 million) in positive cash flow in 2022. The company is also projecting moderate revenue growth of 25 to 30% in FY24 as it shifts its focus towards profitability.
Recently, the startup secured $50 million in a Series E funding round positioning it at an impressive valuation of $980 million, and nudging it closer to the coveted unicorn status.
The funding was led by existing investor Schroder Adveq, with participation from an array of influential investors, including International Finance Corp, Chiratae Ventures, B Capital, and British International Investment.
It previously raised a $25 million round from Liquidity Group’s Mars Growth Capital in August last year and a $110 million Series D led by Tiger Global in 2021 at a valuation of $600 million. To date, Bizongo has amassed a total funding of $260 million.
This rapid growth and expansion underscores Bizingo's continued trajectory toward becoming a prominent player in this space.
