B2B Platform Bizongo raises $110 mn in latest funding round from Tiger Global and others
- ByStartupStory | December 21, 2021
B2B ecommerce and supply chain enablement platform Bizongo, raised $110 million in a Series D round led by New York-based Tiger Global Management. The Series D round also had new investments coming from CDC and IFC EAF and saw participation from existing investors BCap, Chiratae Ventures, Schroder Adveq, IFC and Add Ventures by SCG. Manish Choksi, a member of Bizongo’s Advisory Board and the Vice Chairman at Asian Paints, also invested in his personal capacity in the round.
The company said that it will deploy the fresh funds in ramping up its business and tech teams to develop a suite of digital services for both sides of the marketplace. It will also invest in nurturing its vendor partnerships and transform over 100 factories into true cloud factories through its proprietary solutions.
Co-founder at Bizongo, Sachin Agrawal said in a statement, “There is a lot of untapped potential in the way Indian businesses can leverage technology to grow and thrive. Bizongo offers solutions across digital vendor management, supply chain automation and supply chain financing to its enterprise customers”
John Curtius, partner at Tiger Global, said that the market for customised goods is the fastest-growing segment in B2B e-commerce. “At a size of $500 billion, this market is vast yet highly fragmented and unorganized,” said Curtius. “We found Bizongo very unique in the way they have been building a transaction-led platform with a tech-first vs a trade-first mindset. The full-stack approach with an asset-light operating model makes Bizongo stand out as a market leader in this segment.”
The firm recorded an 8X growth in its top line from its pre-pandemic scale clocking an ARR of $250 million in November this year. The firm said the growth is also associated with a strong unit economics and positive cash flow as the company is now EBITDA profitable.
Follow Startup Story
Related Posts
