☰
Bizongo, a B2B platform for custom-built goods has reportedly raised USD 110 million in its latest Series D funding round. The round was led by NYC-based Tiger Global Management LLC and took the company’s valuation to USD 600 million.
For those unfamiliar, Bizongo provides commercial customers with solutions in digital vendor management, supply chain financing, and supply chain automation. It allows them to digitize their whole vendor ecosystem and create connected supply chain procedures.
The firm intends to use the fresh funds to expand its ’business and technology teams to establish a range of digital offerings for both sides of the marketplace. It will also allocate the funds for developing vendor relationships and to transform over 100 factories into complete cloud factories using its proprietary solutions.
As per credible sources, the fundraising round has also seen participation from existing investors including BCAP Holdings Limited, Chiratae Ventures, IFC, Schroder Adveq, and AddVentures by SCG, along with a few new investors including IFC EAF and CDC.
According to sources, the firm issued 10 equity shares and 1,21,510 series D2 compulsorily convertible preference shares (D2CCPS) for USD 900.19 each to 10 subscribers.
Sachin Agrawal, Co-Founder of Bizongo was reportedly quoted saying that from here the company is fully prepared to grow the business by at least 300% year-over-year.
Founded in 2015 by three IITians Ankit Tomar, Aniket Deb, and Sachin Agrawal, Bizongo has been working towards digitizing the enormously fragmented B2B segment of made-to-order goods.
The company’s boxes, containers, pouches, and bags are used in all major retail industries including food & hospitality, and consumer products. It operates warehouses in Mumbai, Bengaluru, and Delhi, and serves prominent companies such as BigBasket, Delhivery, Nykaa, Teabox, Swiggy, and Tata Cliq.
Source Credit:
Despite the instability in the global financial market, the U.S. central bank has hiked its interest rates once again. The Federal Reserve has reportedly increased its rate by 0.25 percentage points. While the institution has warned other banks that ...
Apple has reportedly decided to delay the bonuses of certain divisions, alongside a halt on new hiring as part of its efforts to cut back costs. With this move, the firm joins its peers in Silicon Valley in trying to optimize workload during tough ti...
China is making rapid progress in limiting the emission of carbon by focusing on the expansion of renewable energy. According to the Global Energy Monitor, in 2022, China has approved its highest number of new coal-fired plants since 2015. This ha...
China’s manufacturing activity has reportedly shown rapid growth at the fastest pace of the decade, following the lifting of the COVID-19 restrictions in late 2022. The country’s official purchasing managers’ index (PMI) rose to 52....
Amazon employees have reportedly expressed disagreement about the company recent mandates asking employees to return to office for work. This included the spamming of an internal website with messages of opposition against the new policy. An inter...
© 2023 aeresearch.net. All Rights Reserved.
