Bizongo nears unicorn by raising USD 50 million
Bizongo raised Rs 410 crore funding from the Series-E funding by Schroder Adveq, a Zurich-based private equity firm, from existing investors.
19 Oct 2023 | By Disha Chakraborty
Bizongo has 450-500 enterprise customers with 7,000-8,000 SME vendors onboarded on its platform
Bizongo, a B2B startup has bagged Rs 410 crore in Series-E funding round led by Schroder Adveq, a Zurich-based private equity firm. The round transpired at a valuation of USD 980 million, a 60% hike compared to the USD 520 million price it achieved in August 2022.
Currently, the company derives half of its revenue by consolidating raw material and purchasing workflows for small and medium-sized vendors. It has partnerships with more than 40 banks and non-bank financial companies to arrange loans for the vendors.
Sachin Agarwal, co-founder told a business daily, “The company is aiming to post a profit before tax in the fiscal year ending March 2024.”
The company acquired around 99% of the 300 customers in the last two years belonging to traditional industries. At present, it has 450-500 enterprise customers with 7,000-8,000 SME vendors onboarded on its platform.
Founded in 2015, by IIT graduates Sachin Agrawal, Ankit Tomar and Aniket Deb, Bizongo offers software-based vendor management and supply-chain automation and financing. During the course of time, Bizongo changed its focus on various segments of vendor digitisation, from packaging, textiles and apparel to contract manufacturing.