Indian B2B platform Bizongo receives $51 million in funding

India's Bizongo is an industrial materials B2B trading platform that provides companies with a variety of disposable plastics, plastic raw materials and other industrial materials.

According to foreign media reports , Bizongo, a packaging materials B2B platform headquartered in Mumbai, India, announced that it has completed a new round of financing of US$51 million. The investment came from CDC, a development finance institution of the British government, and Addventures, a subsidiary of SCG, a company in Thailand .

An official statement said that two new investors committed $51 million in funding as the second tranche of the Series C. Other investors who participated in the first tranche include Schroder Adveq, Bruno Raschle, and existing investors Accel, Chiratae, and IFC, the company added .

From the equity investment, the Hong Kong-based company has also raised funds from Stride, Trifecta Capital, Tradecred and IDFC First Bank, Indian B2B platform Bizongo said.

“ For the past two quarters, the company has been generating positive cash flow from operations, which is rare in the B2B e-commerce space. With this move, the company has laid a solid foundation to further accelerate growth and consolidate its market leadership in this untapped market,” Addventures Managing Director Prakit Worawattananon said in the statement.

Bizongo co-founder and CEO Aniket Deb said the company has grown more than 3x since closing its latest round of funding and is now “just inches away from profitability.”

“ After the latest round of funding, the company now plans to expand its modular digital services to more product lines such as apparel and textiles in the custom business segment,” added Sachin Agrawal , co-founder and COO .

He added : “ In terms of business expansion, we are replicating the digital services model in emerging markets in Southeast Asia, which have similar supply and demand dynamics. SCG’s strong presence and technology in the SEA market helps us to accelerate execution.”

Ankit Tomar , co-founder and chief technology officer of the company , said the business is scalable as it enables enterprises to provide services through digital supplier management, supply chain automation and supply chain financing with an asset-light operating model.

India

B2B