Packaging firm Bizongo raised $50 M Series E funding from current investor
Bizongo, a packaging company that specializes in e-commerce, has raised $50 million in a Series E funding round that was spearheaded by current investor Schroder Adveq. After a hiatus of more than a year, the Mumbai-based startup has received new funding.
British International Investment, International Finance Corp, Chiratae Ventures, and B Capital also took part in the round.
It has raised the new round at a valuation of $980 million, according to an ET report. The startup has raised $260 million so far and is valued at nearly a unicorn.
The B2B platform received a $25 million investment from Mars Growth Capital of Liquidity Group in August of last year, as well as a $110 million Series D round led by Tiger Global, valued at $600 million.
Bizongo, a company founded in 2015, provides its business clients with three main services: supply chain automation, supply chain financing, and digital vendor management. The platform provides services to 450–500 enterprise clients in the fashion and lifestyle, pharmaceutical, consumer staples, and other industries.
Steel and aluminum make up more than 50% of the raw materials that SME vendors on the company’s platform purchase, while paper and polymer account for about 15% of the total volume.
Additionally, Bizongo offers unsecured financing to vendors, and the company claims that it has partnered with more than 40 banks and non-bank financial institutions to disburse loans. Hexa and Clean Slate Technologies were purchased by Bizongo last year. This year, the business is also searching for new acquisitions.
Although Bizongo has not yet submitted its audited annual report for FY23, data intelligence platform TheKredible reports that the company generated operating revenue of Rs 1,705 crore with a loss of Rs 100 crore in FY22. In the fiscal year ending March 2024 of FY24, the company hopes to report a profit before taxes.
