Home / Companies / News /  Covid born tech startup raises $2 million from ICICI Bank-led group of investors
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Bizzo, a tech startup born during the Covid pandemic in 2021, on Thursday raised $2 million from a strong investor community led by ICICI Bank and Orios Venture Partners. The funding will enable Bizzo to further solidify its vision of digitally empowering India’s SMB ecosystem.

Through this fresh funding, Bizzo plans to help service-preneurs to digitally build, scale and organise their businesses.

Viineit Toshniiwal, CEO and Co-Founder at Bizzo said, “We are delighted to have ICICI Bank and Orios on board as investors in Bizzo’s vision to digitally empower India’s vast SMB ecosystem. For too long now, India’s small businesses were pushed towards aggregation. However, the trend now is to move towards de-aggregation and reduced dependence on centralised monolith platforms with closed systems. The next decade is going to be all about unbundling and using open architecture-based systems that brings autonomy to small and independent businesses."

Toshniiwal added, “India’s service businesses don't need middlemen, they need a medium, thus, Bizzo’s ultimate goal is to become the go-to solution provider for SMB businesses looking to join the digital mainstream and enjoy the perks of digitisation. This funding is the first step towards achieving our dream."

Anup Jain, Managing Partner, Orios Venture Partners also spoke about the funding into Bizzo’s app and said, “At Orios, we always back tenacious and visionary founders, especially those who are determined to become change-makers. Bizzo’s plan to empower the SMB services ecosystem is in line with our overall thesis of backing ideas that use technology to disrupt traditional ecosystems, thus, benefitting all stakeholders. We are excited to partner with Bizzo in this mission."

According to Bizzo, over the past decade, small and independent service businesses have lost out on their branding and pricing power, and have witnessed the erosion of profit margins due to hefty commissions charged by aggregators. Also, the Indian services sector is largely unorganised with over 100M small & independent service businesses in dire need of full-stack solutions to directly connect with their customers.

Bizzo intends to address these pain points by handing back the power to these service-preneurs so that they regain connection with their customer base and control all aspects of their business.

In a statement, Bizzo pointed out that its funding announcement is in tandem with several other developments in the market that continue to create a more conducive environment for tech-led innovation in open digital commerce. The Government of India’s Open Network of Digital Commerce (ONDC) initiative is the chief among these.

ONDC is an open architecture-based UPI-like platform for trading in goods & services. Major financial institutions such as ICICI Bank, SBI & CSC are some of the investors of the platform.

Thereby, Bizzo’s vision is aligned with the overall market direction as it aims to develop a universal seller-side app to facilitate the digitisation of services.

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