In Growth Push, Bizongo Bolsters Its Raw Material & Supply Chain Finance Verticals With New CEOs

B2B ecommerce platform Bizongo is bolstering the top deck of its raw material marketplace BizongoBuy and embedded supply chain finance platform BizongoFin with new chief executive officers (CEOs) .

Additionally, the company will also be roping in chief technology officer, product officer and chief financial officer to further drive its growth.

Bizongo has tapped Kiran Dev as CEO of BizongoFin, its fintech division focused on embedded supply chain financing. With over 19 years of experience, including leadership roles at Disprz and Standard Chartered Bank, Kiran will address the $300 Bn+ unmet SME credit needs by delivering flow-based financing through BizongoFin’s multi-financial institution platform, the company said in a statement.

Prahlad Krishnamurthi has been named CEO of BizongoBuy, the company’s B2B marketplace for raw materials. A seasoned leader with over two decades of experience at Cleartrip, Flipkart, Infosys and ITC Group, Prahlad will spearhead BizongoBuy’s efforts to ensure reliable, cost-effective delivery of raw materials for SMEs.

Meanwhile, Bizongo has named Gaurav Singhania as its chief financial officer at group level, bringing over 20 years of experience from American Express and LendingKart. His financial expertise will be crucial in enhancing Bizongo’s financial processes and controls as the company prepares for its IPO, the company added.

Additionally, Amol Wanjari has been appointed as Chief Technology and Product Officer. With more than two decades of experience, including leadership roles at Amazon and Acko, Amol will focus on delivering a seamless, ecommerce-like experience to Indian SMEs through Bizongo’s digital platforms.

Founded in 2015 by IIT graduates Aniket Deb, Sachin Agrawal, and Ankit Tomar, Bizongo started as a packaging solutions provider to various sectors, including fashion and lifestyle, textiles, and consumer staples. Later, the startup expanded its offerings by introducing software-based vendor management services, supply-chain automation, and financing solutions.

In November last year, Bizongo raised about $50 Mn in a Series E funding round led by Zurich-based private equity firm Schroder Adveq, with participation from International Finance Corp, Chiratae Ventures, B Capital, and British International Investment. The startup was aiming to achieve profit before tax by the end of FY24.

Bizongo’s consolidated net loss more than doubled to INR 291.6 Cr in the financial year 2022-23 (FY23) from INR 106.8 Cr in the previous fiscal year, hurt by a staggering jump in certain expense heads.

The startup’s bottom line was hurt despite almost a 99% jump in operating revenue to INR 166.9 Cr during the year under review from INR 84 Cr in FY22.