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Bizongo funding

Bizongo, a B2B platform for made-to-order goods, announced on Monday that it has closed a USD 51-million fresh funding exercise, with investments from the British government’s development finance body CDC and Thailand-based Addventures.

Commitments from the two fresh investors are the second tranche of the USD 51-million series-C funding efforts, an official statement revealed, adding that other investors including Schroder Adveq, Bruno Raschle, and existing investors Accel, Chiratae, and IFC also participated in the first tranche.

Besides the equity investments, the Mumbai-based company has also raised debt from Strides, Trifecta Capital, Tradecred, and IDFC First Bank, the B2B e-commerce player said.

‘The company has been producing positive cash flow from operations for the past two quarters, something which is rarely seen in the B2B e-commerce space.

‘Through this, it has created a solid foundation to further accelerate the growth and consolidate their market leadership in such a largely untapped market,’ Addventures Managing Director Prakit Worawattananon was quoted as saying in the statement.

Bizongo co-founder and Chief Executive Officer Aniket Deb stated it has observed an over 3x growth since the completion of the latest round of fundraising and is now ‘inches away from profitability’.

Co-founder and Chief Operating Officer Sachin Agrawal added that it now intends to increase modular digital service offerings to more product lines such as apparel and textiles in the made-to-order segment, following the recent funding round.

‘In terms of business expansion, we are replicating the digital services model in emerging markets of Southeast Asia which have similar supply-demand dynamics.’

‘SCG’s strong presence and know-how in the SEA market is helping us accelerate the execution,’ he added.

The company’s co-founder and Chief Technology Officer Ankit Tomar stated the operation is scalable because it empowers businesses with services across digital vendor management, supply chain automation, and supply chain financing in an asset-light operating model.

Bizongo has an amazing growth trajectory and is looking at huge scaling opportunities with the latest funding.

Shishir Gupta, Founder and CEO, StartupLanes

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