Bizzo raises $2 million from ICICI Bank-led group of investors

• ByStartupStory     |    May 6, 2022

Bizzo, a pandemic born tech startup in 2021 has raised $2 million on Thursday, 5th May 2022 from a powerful investor community led by ICICI Bank and Orios Venture Partners. This funding will help Bizzo in strengthening its vision of digitally empowering India’s SMB Ecosystem. With this funding, Bizzo is aiming towards helping the service-preneurs scale as well as organise their businesses.

The co-founder and CEO of Bizzo, Vineet Toshniiwal said that the company is delighted to have ICICI Bank and Orios Bank on board as the investors to fuel Bizzo’s aim to digitally empower India’s expanding SMB ecosystem. For quite a long time, India’s small businesses have been drifting towards aggregation. However, this trend has now shifted towards de-aggression and lowered dependence on centralised monolith platforms having closed systems. He also added that in the coming decade the company is going to be all about unpacking and using open agriculture-based systems that bring autonomy to little and independent businesses.

Toshniiwal further added that Bizzo’s final goal is to be the go-to solution provider for SMB businesses as India’s service businesses don’t require a middleman, they news a medium. This funding will be the first step towards achieving their dream join digital mainstream and have the perks of digitization. 

Anup Jain, Managing Partner, Orios Venture Partners also said about the funding that they are excited to partner up with Bizzo and Orios has always backed up the persistent and visionary founders who are determined towards being the change-makers. Their company’s thesis of using technology to distort traditional ecosystems is parallel to Bizzo’s ideaof empowering the SMB services ecosystem which will ultimately benefit all the stakeholders. 

Bizzo over the last decades has seen that small and independent businesses have lost out on branding and pricing power and have witnessed the low-profit margins due to huge commissions charged by the aggregators. In addition to it, the businesses in the Indian sector are highly unorganised with over 100M small & independent businesses in the utmost need of full-stack solutions to connect to their customers. 

The Government of India’s Open Network of Digital Commerce (ONDC) is an initiative

Led towards making this environment more tech-friendly in the open digital commerce. ONDC is a UPI-like platform which is majorly an open architectural-based company for trading in goods and services. Its mainstream investors include ICICI Bank, SBI and CSC. Thus, Bizzo’s vision is lined up with the overall market direction as it aims to develop a universal seller-side app to ease the digitisation of services.

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