Mumbai-based Bizongo Raises Series A Round from IDG Ventures and Accel Partners
B2B packaging marketplace Bizongo announces a $3M Series A round of funding from IDG Ventures and existing investor Accel Partners.
Bizongo is based out of Mumbai, and was established by IIT Bombay and IIT Delhi alumni in 2015. It is the sole online B2B marketplace in the $17Bn+ complex packaging industry in India . The company currently deals in products such as boxes, containers, pouches, bags etc which is frequently required in several industries such Food & Hospitality, FMCG, Retail & Wholesale, Ecommerce and several others.
The company has served more than 3000 businesses in the last year. Bizongo platform aims to make business procurement an efficient and hassle-free process. Custom packaging and branding options are also available on the platform itself. Unbranded nature of products, lack of pricing standardization and heavy supply side fragmentation further ensures that Bizongo is able to add value through its online platform with very clear and transparent product listings.
The company plans to use the funds raised in expanding its seller base, building automation and improving its supply chain. The company also wants to expand its talent pool especially in the technology and operations domains.
Bizongo is also looking to partner with large corporates especially in retail and manufacturing and handle their procurement process end-to-end. “We are really excited to see what the future holds for us” says Founder and CEO, Aniket Deb.
“A B2B purchase is distinctly different from a consumer purchase. Businesses purchasing from us trust our in-depth catalogue, quality, on-time delivery and ease of purchase –and not just best price. The best part of our business is that we get over 50% of our monthly revenues from repeat customers,” revealed Aniket.
“We partnered with Bizongo in mid-2015 in their seed round. Bizongo has grown 100x in the last one year and has become a great example of a modern B2B commerce marketplace, that leverages technology to make business more convenient –in a very complex vertical that is packaging, ” said Prayank Swaroop, Principal, Accel.