Bizongo raises $3 million from IDG Ventures, Accel Partners
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Bengaluru: Bizongo, run by Smartpaddle Technology Pvt. Ltd, a marketplace where businesses can procure packaging materials, on Friday said it raised $3 million in a Series A round of funding from venture capital firms IDG Ventures and Accel Partners, an existing investor.
The Mumbai-based firm which started in 2015, had earlier raised an undisclosed amount of funding in a seed round from Accel Partners in October last year.
The industries the company caters to with products like boxes, bags, containers and disposable food containers include food and hospitality, packaged consumer goods, retail and wholesale and e-commerce. Companies can also use the Bizongo platform to put their own logos on the products they procure.
“The funds raised will majorly be used to expand our seller base and serve pan-India demand in an even better fashion. Our platform and our technology products are built with the singular objective of making procurement a hassle-free and seamless process, we plan to invest in our technology team and capabilities as well,” said Aniket Deb, chief executive officer, Bizongo.
Investors say Bizongo will have an edge bringing technology to a fragmented market.
“We partnered with Bizongo in mid-2015 in their seed round. Bizongo has grown 100x in the last one year and has become a great example of a modern B2B commerce marketplace that leverages technology to make business more convenient—in a very complex vertical, that is packaging,” said Prayank Swaroop, principal, Accel, in a statement.
“Packaging forms a very fundamental element of almost all business. With over 28,000 vendors in India the supply chain is extremely fragmented. IDGVI is very excited to partner with this team to build the largest platform for packaging materials in the country” said Ranjith Menon, executive director, IDG Ventures India.
Bizongo was started by a group of graduates from IIT Bombay and IIT Delhi.