27 January 2020 | News
The fresh fund will be deployed to ramp up technology infrastructure and to expand to newer sectors such as pharma packaging
image credit- economictimes.com
Mumbai based Bizongo, an online business-to-business marketplace for packaging, has announced its Series C investment of $30 million led by Switzerland-based hedge fund Schroder Adveq that manages assets of $10 billion. Bizongo had raised $22 million as part of its Series B financing round in 2018 led by B Capital and IFC.
Founded in 2015 by IIT Bombay alums Deb and Sachin Agarwal, and IIT Delhi graduate Ankit Tomar, Bizongo provides end-to-end automated packaging solutions for companies operating across sectors, such as FMCG, hospitality, F&B, retail, ecommerce, and industrial logistics, among others, using its proprietary software products Design Square, Artwork Flow and Procure Live. Bizongo mainly takes care of the entire packaging value chain and helps clients to reduce their packaging material procurement cost by 2-5%. It also ensures better production planning for its supply partners.
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.
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 fresh fund will be deployed to ramp up technology infrastructure and to expand to newer sectors such as pharma packaging. The startup also plans to work on expanding its presence in the country.