Mumbai: Mumbai headquartered Smartpaddle Technology, which operates the packaging materials marketplace Bizongo, has raised $9.3 million (Rs 68.35 crore) in a growth funding round.
Returning investors in the round included Accel, International Finance Corporation, IDG Ventures, Chiratae, and Swiss hedge fund Schroeder Adveq, as per regulatory filings.
Founded in 2015 by IIT graduates Aniket Deb, Sachin Agrawal, and Ankit Tomar, the startup takes care of the packaging value chain. It also offers a SaaS-based platform, Artwork Flow, to enable artwork management between teams. Its other software products include Design Square and Procure Live.
The company claims to reduce procurement costs for packaging materials by 2-5% at the client end. It competes with Tiger Global-backed Moglix and SAIF Partners-backed Industrybuying, among others.