Indian B2B packaging marketplace Bizongo raises $30M

TechCrunch | 1/27/2020 | Staff
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Bizongo, one of the largest business-to-business online marketplaces for packaging needs in India, has raised $30 million in fresh funding round as it looks to widen its footprint in the nation and serve more categories.

The new financing round, Series C, was led by Switzerland-based hedge fund Schroder Adveq, which manages assets worth $10 billion. Existing investors B Capital, Accel, Chiratae Ventures, and IFC also participated in the round, the startup said.

Bizongo - Date - Series - B - Financing

Mumbai-based Bizongo has raised about $56 million to date. It was valued at about $96 million in its Series B financing round in 2018, according to an analysis of its regulatory filings.

The five-year-old startup serves as a marketplace for businesses to identify, buy, and sell material packing solutions across industries. It also offers packing design, development, and procurement solutions.

Sachin - Agarwal - Officer - Co-founder - Bizongo

Sachin Agarwal, chief operating officer and co-founder of Bizongo, said the startup offers a unique value proposition of promising a “100% availability of packaging material and no-stock-outs at very low inventory.”

“This helps clients to reduce their packaging material procurement cost by 2-5% and at the same time ensures better production planning for our supply partners. This creates a strong value proposition for all stakeholders across the value chain,” he said in...
(Excerpt) Read more at: TechCrunch
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