Business-to-business (B2B) platform Bizongo, the Mumbai-based startup which works packaging material industry has raised $22 million (Rs 146.7 crore) in a Series B round funding from B Capital and International Finance Corporation (IFC). The funding round saw participation from their existing investors Accel Partners and IDG Ventures.
Eduardo Saverin, the co-founder of social media giant Facebook had started the VC firm B Capital while IFC is the investment arm of World Bank. The major chunk of the funding is being done by B Capital while IFC is backing the firm by infusing $4.99 million in the firm.
The company in a statement said that it will use the fresh funding in advancing their technology platform and design functions.Indian Institute of Technology (IIT) alumnus Aniket Deb, Ankit Tomar and Sachin Agrawal Had founded the firm in 2015 which provides one-stop-shop solution related to packaging to small and medium businesses across the country. Bizongo has expertise in products such as boxes, containers, pouches and bags, while their target industries are food & hospitality, FMCG, retail & wholesale and e-commerce.
B Capital's one of the partners and co-lead for Asian investment market Kabir Narang while in conversation with VCCircle said, “The packaging market is a large $40 billion opportunity and fragmented market in India that is growing rapidly driven by retail expansion and e-commerce."
“We think one of the ways to benefit from the rapid growth in e-commerce and organized retail is to back the enablers across payments, logistics and now packaging," Narang added.
It claims to be serving more than 2500 small and medium size businesses through their B2B platform. The clientele of the company includes likes of Myntra, Tata Cliq and FirstCry. It operates from its warehouses in Mumbai, Bengaluru and Delhi.
Image Courtesy : Bizongo,Entrepreneur