Bizongo, a marketplace for B2B packaging materials, received a $25 million Series D investment from Mars Growth Capital of the Liquidity Group. By automating their supply chains, gaining access to working cash, and expanding their customers throughout the region, firms with operations in Southeast Asia will benefit from the funding.
In 2015, Indian Institute of Technology alums Sachin Agarwal, Aniket Deb, and Ankit Tomar established Bizongo, a B2B marketplace for custom items that use technology to enhance vendor management and delivery systems.
Bizongo provides boxes, containers, pouches, and bags for businesses involved in the food and hospitality, consumer goods, and retail industries. It has warehouses in Mumbai, Bengaluru, and Delhi, and BigBasket, Nykaa, Swiggy, Delhivery, Teabox, and Tata Cliq are just a few of its clients.
Yaron Primovich, managing director at Mars Growth Capital and the Global CRO of Liquidity Group, said, “The funding will allow for 100 percent availability of packaging material and no-stock-outs at very low inventory level, as well as help Bizongo’s clients to reduce their made-to-order product line procurement cost.”
Bizongo claims to have 300 commercial clients and more than 3,000 associate factories
Bizongo’s owner and operator, SmartPaddle Technology Pvt. Ltd, raised $110 million through a Series D fundraising round in December, valuing the company at $600 million. The company has more than 300 commercial clients and more than 3,000 associate factories thanks to its portals, Procure Live and Partner Hub.
A technologically advanced B2B platform called Bizongo offers packaging solutions for various industries, including durable products, apparel and lifestyle, textiles, consumer discretionary, pharma, household, and personal care. The business also offers supply chain automation, supply chain financing, and digital vendor management.
In March, Bizongo paid an undisclosed amount to acquire the IoT firm, Clean Slate. Before that, in February of this year, it repurchased ESOPs for $3.7 million. According to reports, India’s packaging market was pegged at $50.5 billion in 2019 but is expected to grow to $325.95 billion by 2027, with a CAGR of 26.1 percent between 2021 and 2027, likely experiencing significant growth.
In April 2021, the business completed its Series C investment round totaling $51 million in equity and debt. The firm focuses on packaging, linens, apparel, and other contract manufacturing commodities, and it currently has a network of about 6,300 partner companies.
Sachin Agarwal, one of the co-founders of Bizongo, said, “Our company has powered Indian manufacturers to automate their supply chain, access working capital and increase their clientele. We want to bring similar benefits to manufacturers across SE Asia and help them scale. The credit line from Mars Growth Capital will fuel our expansion into more sectors.”