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Bizongo raises $110M

Bizongo plans to deploy the fresh capital to ramp up business and technology teams as well as develop new digital services.

Bizongo, the B2B ecommerce startup for enterprises, has raised $110 million in a Series D funding round led by Tiger Global at a valuation of $600 million.

Investors like CDC, IFC EAF, BCap, Chiratae Ventures, Schroder Adveq, IFC, and Add Ventures by SCG also participated in this round of funding.

Fresh round of funding to ramp up its business and tech teams to develop a suite of digital services for both sides of the marketplace is planed to be displayed by Bizongo.

Founded in 2015, the startup offers digital vendor management, supply chain automation and supply chain financing services to various categories of enterprise clients.

According to the press release, the startup has recorded an 8X growth in its top line as compared to pre-pandemic levels, clocking an ARR of $250 million in November this year. Due to its inventory-free operating model, Bizongo claimed it as EBITDA profitable.

There is a lot of untapped potential in the way Indian businesses can leverage technology to grow and thrive. We are now fully geared to sustainably grow the business by at least 300 percent year-on-year from here on as said by Sachin Agarwal, Co-founder at Bizongo.

Bizongo also launched its IoT-powered ‘cloud factory’ for made-to-order goods. The main aim of this SaaS-based solution is at enabling manufacturers to provide their customers with real-time visibility, control, and intelligence across the entire supply chain.

An online bidding platform for real-time seller and price discovery in categories like packaging, textiles and apparel, among others is also launched by this startup. It is also expanding its digital supply chain financing (SCF) platform in partnership with top banks and NBFCs.

The startup also claimed that its SCF platform has already enabled early payments worth over Rs 1,000 crore to more than 1,000 SMEs and MSMEs.

The market for customised goods is the fastest-growing segment in B2B ecommerce. At a size of $500 billion, this market is vast yet highly fragmented and unorganised. We found Bizongo very unique in the way they have been building a transaction-led platform with a tech-first vs a trade-first mindset. The full-stack approach with an asset-light operating model makes Bizongo stand out as a market leader in this segment said by John Curtius, Partner at Tiger Global.

Bizongo appears to be an interesting startup. I am confident that the company will continue to prosper in the future. I give my warmest wishes to the crew of Bizongo.

Shishir Gupta, Founder and CEO of Startuplanes

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