Bizongo, an e-commerce-centric packaging company based in Mumbai, has successfully raised $50 million in a Series E funding round. Schroder Adveq, an existing investor, led the funding round, with participation from International Finance Corp, Chiratae Ventures, B Capital, and British International Investment. This latest round brings the company’s valuation to $980 million, placing it on the brink of achieving unicorn status. To date, Bizongo has raised a total of $260 million in funding.
Established in 2015, Bizongo offers a range of digital services to enterprise clients, including vendor management, supply chain automation, and supply chain financing. The platform caters to a diverse array of industries, serving approximately 450-500 enterprise customers in sectors such as fashion and lifestyle, pharmaceuticals, consumer discretionary, and consumer staples, among others.
Bizongo’s platform plays a critical role in streamlining the procurement of raw materials for small and medium-sized enterprise (SME) vendors. Steel and aluminum constitute more than 50% of the raw materials procured through the platform, while paper and polymer each account for approximately 15% of the total volume.
Additionally, Bizongo offers unsecured financing solutions to vendors and has formed partnerships with more than 40 banks and non-bank financial institutions for loan disbursement. In recent developments, Bizongo acquired both Hexa and Clean Slate Technologies and is actively exploring further acquisitions in the coming year.
While the audited annual report for FY23 is pending, Bizongo reported operating revenue of Rs 1,705 crore in FY22, accompanied by a loss of Rs 100 crore, according to data from TheKredible, a data intelligence platform. The company has set its sights on achieving a pre-tax profit in FY24, ending in March 2024.