Merger and Acquisition

Bizongo Acquires FactoryPlus, Aiding MSMEs in Digitizing Factory Operations

• ByStartupStory     |    November 21, 2023

Bizongo, a Tiger Global-backed vendor digitization platform, has announced its acquisition of FactoryPlus, a factory digitization app supported by Titan Capital. This strategic move aims to enhance the digital landscape for micro, small, and medium enterprises (MSMEs). The transaction details remain undisclosed.

After this acquisition, FactoryPlus co-founders Vatsal Rustagi, Sparsh Koyarala, Bikash Dash, and their team are set to join Bizongo. This marks Bizongo’s third acquisition, with previous acquisitions including Clean Slate Technologies and Hexa.

The acquisition aligns with Bizongo’s recent Series E funding round, reportedly securing nearly $50 million led by Schroder Adveq, alongside investments from International Finance Corporation, Chiratae Ventures, B Capital, and British International Investment.

Bizongo plans to integrate FactoryPlus’ mobile-first software-as-a-service (SaaS) capabilities into its offerings. This includes features like factory inventory management, real-time raw material prices, a news feed, and digital catalogs, aimed at empowering local manufacturers and enabling raw material sourcing and embedded financing.

Sachin Agrawal, Bizongo’s co-founder and CEO, emphasized the significance of digitalization in today’s competitive landscape. He stated, “Digital processes and automated technologies are the need of the hour for vendors to thrive in an increasingly competitive landscape and this is a key step in that direction.” 

“With this acquisition of FactoryPlus, we aim to empower manufacturers with tailored solutions, such as digital raw material consolidation and embedded financing that can be seamlessly integrated into their supply chain and help them contribute to the country’s economic future,” he added.

FactoryPlus, established in 2021, focused on transforming factories into smarter and more efficient spaces for manufacturers. The platform witnessed significant growth, with over 4,000 registered factories and a 40% month-on-month growth rate, primarily catering to industries such as metals, plastics, and paper, constituting 76% of the MSMEs’ raw material demand on the platform.

 

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