Bizongo raised $110 million in a Series D round led by Tiger Global Management at a $600 million valuation. The e-commerce and supply-chain startup has also launched India's first IoT powered cloud factory for made-to-order goods. The SaaS based solution will allow manufacturers to provide their customers with real-time visibility, control, and intelligence across the entire supply chain. Ansapack, the leading pharmaceutical packaging manufacturer, has successfully piloted the latest tech innovation, according to an official statement.
Bizongo is digitizing the massively fragmented B 2 B segment of made-to-order goods, founded by three IIT graduates Aniket Deb, Ankit Tomar and Sachin Agrawal. Bizongo's valuation has soared to $600 million with the latest round making it the market leader in the segment.
The B 2 B tech company saw 8 X growth in its top line from its pre-pandemic scale, clocking an annual revenue run ARR of $250 million in November this year. The company is now EBITDA profitable because of the strong unit economics and positive cash flow.
Bizongo said that it made its operating model inventory-free, further strengthening the capital efficiency of the business.
There is a lot of untapped potential in the way Indian businesses can leverage technology to grow and thrive. Bizongo offers solutions for digital vendor management, supply chain automation, and supply chain financing for enterprise customers. It allows them to digitize their entire vendor ecosystem and build integrated and connected supply chain processes. We are proud of the grit and resilience that the team has shown over the past few years. Sachin Agrawal, Co-founder at Bizongo said that the business is fully geared to grow by at least 300 per cent year-on-year from now on.
The company will increase its business and tech team to develop a suite of digital services for both sides of the marketplace as a result of the fresh funds. It will invest in nurturing its vendor partnerships and transform over 100 factories into true cloud factories through its proprietary solutions.
The tech company has launched an online bidding platform for real-time seller and price discovery - a global first in the category of customized goods like packaging, textiles and apparels. It is expanding its platform for digital supply chain financing, SCF, in partnership with top banks and NBFCs. Early payments worth over 1,000 crore have been enabled by the SCF platform to more than 1000 SMEs and MSMEs.
The market for customized goods is the fastest growing segment in B2B e-commerce. This market is large yet highly fragmented and unorganized, at a size of $500 billion. We found Bizongo unique in the way they have been building a transaction-driven platform with a tech-first mindset and a trade-first mindset. John Curtius, Partner at Tiger Global said Bizongo is a market leader in this segment because of the full-stack approach with an asset-light operating model.