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[Update] Exclusive: Packaging Startup Bizongo Raises $110 Mn Led By Tiger Global

[Update] Exclusive: Packaging Startup Bizongo Raises $110 Mn Led By Tiger Global

B Capital along with UK-based CDC Group will be infusing close to INR 131 Cr in the new round

International Finance Corporation, Add Ventures, Chiratae Ventures, Castle Investment will also be participating in this round of funding

The investment comes eight months after it raised $52 Mn in its Series C round led by CDC

Update | 20th December, 12:20 PM

The startup today announced that it has raised $110 Mn in its Series D round led by Tiger Global at $600 Mn valuation. Bizongo will deploy the fresh funds in ramping up its business and tech teams to develop a suite of digital services for both sides of the marketplace.

It also plans to invest in nurturing its vendor partnerships and transform over 100 factories into cloud factories through its proprietary solutions. The startup also claims to have launched country’s first IoT powered ‘cloud factory’ for made-to-order goods.

Original Story | Published On 6th December, 12:40 PM

Mumbai-based B2B packaging and textile marketplace Bizongo is raising $109 Mn (INR 825 Cr) in a Series D funding round. The new round of funding will be led by the new investor Tiger Global. The hedge fund will be infusing INR 337 Cr as part of this round.

With this investment, Tiger Global has become the second-largest shareholder in the startup with a 8.15% stake on a fully diluted basis. 

B Capital and UK-based CDC Group will be infusing close to INR 131 Cr. combined. International Finance Corporation, Add Ventures, Chiratae Ventures, Castle Investment are also participating in the round, as per Bizongo’s latest regulatory filing. 

As per Inc42 estimate, the startup is now valued at $570 Mn. 

The new round comes almost eight months after Bizongo bagged $52 Mn in its Series C round. UK-based CDC Group, Switzerland-based hedge fund Schroder Adveq, Bruno Raschle and existing investors Accel, Chiratae and World Bank’s International Finance Corporation (IFC) participated in the round.

Founded in 2015 by IIT graduates Aniket Deb, Sachin Agrawal and Ankit Tomar, Bizongo is a B2B online marketplace offering industry packaging supplies for sectors such as ecommerce, retail, restaurant and hospitality, FMCG, industrial logistics and food and beverage. 

Bizongo manufactures carry bags, material handling equipment, protective packaging, pouches & tubes, non-paper-based packaging, containers, cans, shippers, paper products, bulk packaging, cartons and more.

As per its website, the startup has collaborated with popular brands such as Walmart-owned Flipkart, IPO-bound Ecom Express, Tata Cliq, Firstcry, Licious, among others. 

The startup boasts of 1,500 manufacturers nationwide, has a monthly capacity of 2 Mn tonnes, has over 120 enterprise clients, and has delivered over 860 Mn units. 

Bizongo, through its proprietary digital platforms, such as Procure Live, Partner Hub, and Artwork Flow, also offers digital vendor management, supply chain automation and supply chain financing to its enterprise customers.

The startup posted a loss of INR 134.56 Cr in FY20, a 118% rise from INR 61.6 Cr it posted in FY19. It’s total operating revenue rose to INR 247.52 Cr in FY20 as compared to INR 119.96 Cr, a 106% rise.

Since the startup is operating in three sectors – packaging and SaaS, it is competing against startups operating in these spaces. In packaging, Bizongo pits against the likes of Vistaprints and Bengaluru-based Bambrew which raised a pre-seed round last year by Upsparks. In terms of vendor management, it competes against the likes of Sirion Labs, Zoho, and Freshworks among others.

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