Business-to-business packaging supplies market Bizongo stated it has raised $30 million (about Rs 214 crore) in a contemporary round of funding led by Swiss hedge fund Schroder Adveq. Existing buyers additionally participated within the funding, it stated.
The Series C round of fairness financing, which values Bizongo at a over $100 million, comes rather less than two years after the corporate, which is owned and operated by Smartpaddle Technology, raised $22 million. The earlier round was led by B Capital Group, the funding agency co-founded by Eduardo Saverin, and International Finance Corp, the personal market funding arm of the World Bank.
Bizongo’s older set of institutional buyers, together with enterprise capital companies Chiratae Ventures and Accel Partners, additionally participated within the newest round of funding, the Mumbai-based firm stated in an official assertion on Monday.
“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,” stated Aniket Deb, CEO of Bizongo.
Founded in 2015 by IIT Bombay alumni Deb and Sachin Agarwal, and IIT Delhi graduate Ankit Tomar, Bizongo supplies end-to-end automated packaging options for corporations working throughout sectors, akin to fast-moving client items, hospitality, meals and beverage, retail, e-commerce and industrial logistics, utilizing its proprietary software program merchandise Design Square, Artwork Flow and Procure Live.
“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,” stated Kabir Narang, co-head of Asia at B Capital Group.
Zurich-based Schroder Adveq, which manages belongings of about $10 billion, operates a number of funding methods, starting from personal fairness fund-of-funds to enterprise enterprise, development and buyout offers.
The funding agency, which additionally has a deep give attention to secondary transactions, additionally runs Schroder Adveq Asia, which largely seems to spend money on China and India with and alongside managers that cowl a broad vary of sectors akin to client enterprise providers, expertise and healthcare.
Apart from Bizongo, the US and Singapore-based B Capital Group has invested in various startups in India, together with, logistics enterprise BlackBuck, mobility firm Bounce, cloud-based enterprise tech startup Icertis and cellular point-of-sale options supplier Mswipe.