Bizongo–a B2B technology platform which provides packaging solutions to medium and large companies has raised $22 million in Series B round from International Finance Corporation(IFC) technology-focused venture capital firm B Capital Group.
B Capital is led by Facebook co-founder Eduardo Saverin. The global VC firm had recently raised about $360 million with a magnified focus on Asia.
The Mumbai-based startup also saw participation from existing investors Accel Partners and IDG Ventures. In November 2016, Bizongo had raised $3 million in Series A round led by Accel and IDG. Accel had seeded the early investment in 2015.
This is a substantial leap for the company from its Series A round.
Currently, Bizongo has a seller base of 250-300 and it targets to reach the figure of 1,000. The firm also aims to increase its existing clientele base from 100 to about 1,000 in the next two years.
With the latest funding, it is also targeting a 5X growth in revenues every year over the next couple of years.
Bizongo was founded by Aniket Deb, Sachin Agrawal and Ankit Tomar in 2015. The startup curates, on-boards and provides access to SME packaging material manufacturers across India.
The full stack packaging providers has covered over 300 active sellers across its platform and has clients across FMCG, food, retail, supply chain, and e-commerce.
Currently, the company has over 2,500 registered SMEs and about 65-70 per cent of the firm’s sales come from repeat transactions from its clients. With plans to extend operations to the pharmaceutical industry, the firm is aiming to increase its transaction volumes.
Bizongo works with clients such as Flipkart, Amazon, Myntra, FirstCry, Bunge and Tata Cliq amongst others.
The development was first reported by VCCircle.