B2B packaging startup Bizongo has secured $25 million in funding. Among other things, the company will use the money to expand its customer base for supply chain business.
Tiger Global-backed packaging startup Bizongo has raised $25 million from Liquidity Group’s fund— Mars Growth Capital.
Bizongo plans to utilize the funds to expand its customer base in the supply chain market, and enhance its Southeast Asian presence.
Managing director at Mars Growth Capital and Global CRO of Liquidity Group, Yaron Primovich, said, “The investment will allow for 100% availability of packaging material and no stock-outs at extremely low inventory levels, as well as aid Bizongo’s clients in decreasing their made-to-order product line procurement costs.”
In 2015, IIT graduates Aniket Deb, Sachin Agrawal, and Ankit Tomar established Bizongo, a tech-enabled B2B platform that offers packaging solutions across diverse sectors such as consumer durables, fashion and lifestyle, textiles, consumer discretionary, pharmaceuticals, home and personal care.
Bizongo’s patented digital platforms-Procure Live, Partner Hub, and Artwork Flow-also provide supply chain automation and finance, as well as digital vendor management services.
Agrawal added, “Bizongo has allowed Indian businesses to optimize their supply chains, gain access to working finance, and grow their client base. We intend to provide equivalent benefits to businesses throughout Southeast Asia and help them scale. The funding from Mars Growth Capital will enable us to grow into new areas.”
Bizongo paid an unknown sum for IoT firm Clean Slate in March. Prior to that, it repurchased $3.7 million in ESOPs in February of this year.
Bizongo received $110 million in Series D fundraising in 2021, at a post-money valuation of $600 million. Tiger Global was the round’s leader.
The startup claims 1,500 producers in India and a monthly capacity of 2 million tonnes. It also claims to have over 120 clients and to have delivered over 860 million units to date.
Among its customers include Flipkart, Tata Cliq, Firstcry, Ecom Express, and Licious. According to Tofler, Bizongo recorded earnings from operations of INR 318 Cr and consolidated losses of INR 86 Cr in fiscal year 2021.
It competes with Vistaprints and Bambrew in the packaging market, and Sirion Labs, Zoho, and Freshworks in the vendor management segment.