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Bizongo offering vendor digitization platform raises $50M from existing backers

ISN Team
New Update
Bizongo Founders

Bizongo Founders Sachin Agrawal, Aniket Deb and Ankit Tomar

Mumbai-based business-to-business (B2B) Bizongo has raised $50 million in a Series E funding round led by existing investor Schroder Adveq, a Zurich-based private equity firm. 

Bizongo is close to achieving unicorn valuation

According to a report by ET, the startup is now valued at $980 million, marking a 63% increase compared to its valuation in the previous funding round.

To date, Tiger Global-backed startup has raised $250 million in funding from a diverse group of investors, which includes B Capital Group, Chiratae Ventures, U.S International Development Finance Corp, British International Investment, Mars Growth Capital, International Finance Corporation, and CDC Group, among others.


What does Bizongo do?

Founded in 2015 by IIT graduates Sachin Agrawal, Aniket Deb and Ankit Tomar, Bizongo provides software-based vendor management and supply-chain automation and financing to its customers. 

The startup claims that it caters to 450-500 enterprise clients across various sectors like fashion, lifestyle, and pharmaceuticals. The platform plays a pivotal role in managing raw material acquisitions for SME vendors, with over 50% being steel and aluminium, and paper and polymer each holding about a 15% volume share. Bizongo has partnered with over 40 banks and NBFCs to offer unsecured financing to vendors.

How well is Bizongo performing financially?

In FY23, Bizongo posted a gross merchandise value of $800 million and generated a positive cash flow of approximately $7-8 million. According to CEO Agarwal, The startup maintained a steady loss of around Rs 100 crore across FY21, FY22, and FY23. Looking ahead to FY24, Bizongo anticipates a moderate net revenue growth of 25-30% as the company shifts its focus toward profitability.

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