Packaging Startup Bizongo Raises $25 Million In Funding
Bizongo, a B2B packaging startup, has secured $25 Million in funding from Liquidity Group’s fund— Mars Growth Capital.
As per the startup, the freshly raised funds will be used to expand its footprint in Southeast Asia and grow its customer base for the supply chain business.
Bizongo | B2B Platform for Made-to-Order Goods
Founded by IIT graduates–Aniket Deb, Sachin Agrawal and Ankit Tomar in 2015, Bizongo is a tech-enabled B2B E-commerce & supply chain platform for packaging, apparel & other customised goods. The startup offers packaging solutions across diverse sectors, including consumer durables, textiles, consumer discretionary, pharmaceuticals, home and personal care, etc.
It aims to empower businesses with reduced operational overhead, cost savings, and easier contract management with its bouquet of digital services in the era of increasing commodity prices.
Speaking on the development, Sachin Agrawal said,
“Bizongo 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.”
Besides, Bizongo enables businesses with services across vendor management, supply chain automation, and cash flow optimization using its proprietary digital platforms like Procure Live, Artwork Flow, and Partner Hub.
Commenting on the development, Yaron Primovich, MD at Mars Growth Capital and the Global CRO of Liquidity Group, said,
“The funding will allow for 100% 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.”
In March 2021, Bizongo acquired Clean Slate Technologies, a Mumbai-based IoT (internet of things) and real-time location service solutions provider, to equip more than 100 Indian factories with IoT-powered cloud factory solutions by 2023.