B2B packaging materials marketplace Bizongo has raised $30 million (about Rs 214 crore) in a fresh round of funding led by Swiss hedge fund Schroder Adveq, along with participation from its existing set of investors, the Mumbai-based company announced on Monday.
The Series C round of equity financing comes a little less than two years after Bizongo, which is owned and operated by Smartpaddle Technology, raised $22 million in a round led by B Capital Group, the Eduardo Saverin-cofounded investment firm, and International Finance Corp, the private market investment arm of the World Bank, in May 2018.
The company’s older set of institutional investors, which includes venture capital firms Chiratae Ventures and Accel Partners, have also participated in the latest round of funding, the five-year-old company said in an official statement.
“Bizongo has witnessed a significant improvement in operating metrics since the last round of financing and the current round will further help us grow the business in a sustainable way. The funds will be deployed to ramp up technology, expand into newer sectors like pharma packaging, and increase Bizongo’s penetration across India,” Aniket Deb, co-founder and chief executive of Bizongo, said.
Founded in 2015 by IIT Bombay alums Deb and Sachin Agarwal, and IIT Delhi graduate Ankit Tomar, Bizongo provides end-to-end automated packaging solutions for companies operating across sectors, such as FMCG, hospitality, F&B, retail, ecommerce, and industrial logistics, among others, using its proprietary software products Design Square, Artwork Flow and Procure Live.
“We believe in the vision of the founders who are transforming and digitising the highly fragmented B2B packaging marketplace by leveraging technology and a unique supply chain efficiency solution. Bizongo has demonstrated strong momentum by continuing to add marquee clients,” Kabir Narang, general partner and co-head of Asia at B Capital Group, said.
Zurich-based Schroder Adveq, which manages assets of about $10 billion, operates multiple investment strategies, ranging from private equity fund-of-funds, to undertaking venture, growth and buyout deals.
The investment major, which also has a deep focus on secondary transactions, also runs Schroder Adveq Asia, which largely looks to invest in China and India, with, and alongside managers that cover a broad range of sectors such as consumer business services, technology and healthcare.
Apart from Bizongo, US and Singapore-based B Capital Group has invested in a number of startups in India, including, logistics venture BlackBuck, mobility company Bounce, cloud-based enterprise tech startup Icertis and mobile point-of-sale solutions provider Mswipe.