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Bizongo Raises $3 Mn In Series A Funding From IDG Ventures and Accel Partners

Bizongo Raises $3 Mn In Series A Funding From IDG Ventures and Accel Partners

Mumbai-based B2B marketplace for industry materials, Bizongo has reportedly raised $3 Mn in Series A round of funding led by IDG Ventures and Accel Partners.

Earlier, in October 2015, Bizongo also raised an undisclosed amount in Seed funding from Accel Partners. The raised funds will be used to expand their seller base and serve pan-India demand in a better fashion.

Launched in 2015 by Aniket Deb, Ankit Tomar, and Sachin Agrawal, Bizongo helps companies cater to products like boxes, bags, containers and disposable food containers, material handling, disposable plastics and plastic raw materials, etc. Companies can also use the platform to put their own logos on the products they procure.

As stated by Prayank Swaroop, Principal, Accel Partners, “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.”

Ranjith Menon, Executive Director, IDG Ventures India, further added, “With over 28,000 vendors in India the supply chain is extremely fragmented. IDGVI is very excited to partner with this team to build the largest platform for packaging materials in the country.”

Earlier in January 2016, Delhi-based Industrybuying raised $1.7 Mn (INR 12 Cr) from venture-debt provider Trifecta capital.

Other players in this space are Tolexo, Moglix, BazarA2Z, Alliedhunt, Walmart’s BestPriceWholesale.co.in and Amazon’s B2B portal Amazonbusiness.in.

The development was reported by LiveMint.