A Mumbai-based online B2B marketplace for packaging materials Bizongo has raised around ₹214 crores ($30 million) in a Series C round led by Swiss hedge fund Schroder Adveq, reported ET. Other existing investors including Chiratae Ventures and Accel Partners also participated in the round.
Freshly infused funds will be used to develop its technology platform, expand packaging services to new sectors while foraying into new geographies across India.
Talking about the investment, Aniket Deb, Co-founder and CEO, Bizongo, said, “Bizongo has witnessed a significant improvement in operating metrics since the last round of financing and the current round will further help us grow the business in a sustainable way. The funds will be deployed to ramp up technology, expand into newer sectors like pharma packaging, and increase Bizongo’s penetration across India.”
Founded by Aniket Deb, Ankit Tomar and Sachin Agrawal in 2015, Bizongo offers a one-stop platform to handle its customers all packaging needs which include package designing, procurement and tracking. Catering to different industries, the startup uses various proprietary softwares to enable its customers including Design Square, Artwork Flow, Procure Live and Develop Plus.
Till date, Bizongo has served over 350 brands across more than 200 product categories. Some of its trusted partner brands include names like Curefit, Nykaa, BigBasket, Flipkart, Delhivery, Myntra and Swiggy.