Bizongo, a B2B packaging materials marketplace has raised $30 million in Series C round of funding. The fresh round of funding is led by Schroder Adveq, a Zurich-based hedge fund; along with its existing set of investors, as per the company’s announcement.
Earlier, Bizongo, the Mumbai-based company, had raised $22 million in its Series B round of funding. The company’s older set of institutional investors, which include venture capital firms Chiratae Ventures and Accel Partners, have also participated in the latest round of funding, the five-year-old company said in an official statement.
“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. The funds will be deployed to ramp up technology, expand into newer sectors like pharma packaging, and increase Bizongo’s penetration across India,” Aniket Deb, co-founder and chief executive of Bizongo, said.
“We believe in the vision of the founders who are transforming and digitising 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,” Kabir Narang, general partner and co-head of Asia at B Capital Group, said.
Bizongo was founded in 2015 by three IIT graduates Aniket Deb, Sachin Agarwal, and Ankit Tomar. The company 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.
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