Bizongo raises funds in round led by Switzerland’s Schroder Adveq1 min read . Updated: 27 Jan 2020, 10:33 PM IST
- Bizongo raised $22 million as part of its Series B financing round in 2018 from investors, including B Capital and IFC
- The five-year-old startup also designs and develops packaging
MUMBAI : Bizongo, an online marketplace for packaging products, on Monday said it has raised $30 million in a Series C funding round, led by Swiss hedge fund Schroder Adveq.
Bizongo raised $22 million as part of its Series B financing round in 2018 from investors, including B Capital and IFC.
“Bizongo has witnessed a significant improvement in operating metrics since the last round of financing and the current round will further help us grow the business in a sustainable way," said Aniket Deb, co-founder and chief executive of Mumbai-based Bizongo. The funds will be deployed to ramp up technology, expand into sectors such as pharma packaging, and increase Bizongo’s penetration across India, said Deb.
The five-year-old startup also designs and develops packaging for clients such as Flipkart, Amazon, Myntra, Swiggy, PharmEasy, Cure.fit, Tata Cliq, and Kaya.
“We believe in the vision of the founders who are transforming and digitizing the highly fragmented B2B packaging marketplace by leveraging technology and a unique supply chain efficiency solution. Bizongo has demonstrated strong momentum by continuing to add marquee clients and we have been impressed with the company’s rapid growth trajectory over the past year," said Kabir Narang, general partner and co-head of Asia at B Capital Group. Existing investors B Capital, Accel, Chiratae Ventures, and IFC also took part in this financing round.
Bizongo has also bolstered its leadership team with the addition of senior investment banking professional Tarun Soni as chief of staff and Ritu Ranade, who took over as vice president, global sales and marketing, and brings 19 years of technology industry experience to the table. Vinothkumar Srinivasan, a veteran of Microsoft and Medlife, was elevated as vice president, engineering and product..