Bizongo secures USD 110 Mn in Series D funding led by Tiger Global
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.
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