Bizongo aims to earn $500 million annualized revenue by FY23
- ByStartupStory | July 26, 2021
Bizongo, a B2B e-commerce platform for customized goods, on Monday said it aims to clock USD 500 million in annualized revenue by FY23.
The company has earned USD 150 million in annualized revenue and is set to turn profitable soon, a statement said.
The company’s topline grew by 5X as compared to its pre-pandemic levels, it added.
Moreover, the company plans to hire an additional 50-60 people in the next few months across sales, finance, tech, and other areas.
‘The remarkable growth comes on the back of Bizongo offering its proprietary platform for replenishing and supplying more than 10 million Personal Protective Equipment (PPE) for healthcare workers and launching a new vertical in textiles and apparel, which contributes 40 per cent to the overall business,’ it said. Its packaging business registered a 240 per cent growth following increased demand from healthcare, consumer staples, and discretionary industries, it added.
Furthermore, Bizongo is also including pharma and healthcare verticals in its services and has started serving international customers and markets.
‘The overall market size of domestic customized goods, ranging from packaging, textiles, apparel, specialty chemicals, and other contract manufactured products, is estimated to be USD 500-billion, with more than 10 per cent margin potential for digital aggregators,’ the statement said.
Currently, the space is fragmented and unorganized, with challenges arising from the higher total cost of ownership (TCO), manual processes, offline catalogue and artwork management, ad-hoc vendor engagement, inaccurate purchase planning, high inventory, loss of sales, and delayed payments to vendor partners.
Bizongo’s tech-first strategy of digital vendor management, supply chain automation and supply chain financing significantly improve the go-to-market speed, top line, bottom line, and operational efficiency of the enterprises, the statement said.
Sachin Agrawal, co-founder of Bizongo, said, ‘Over the last couple of years, Bizongo has made its operating model inventory-free as it further strengthens the capital efficiency of the business…I am extremely proud that the team has demonstrated tremendous grit and resilience through the past year and is now inches away from EBITDA profitability.’
Bizongo had recently closed its Series C funding of USD 51 million and appointed Manish Choksi, Vice Chairman of Asian Paints, as Board Advisor.
The company is backed by Schroder Adveq, CDC Investment, AddVentures, Chiratae Ventures, B Capital Group, IFC, and Accel.
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