Bizongo raises $110 Mn led by Tiger Global at $600 Mn valuation

E-commerce focused packaging company Bizongo has raised $110 million [Rs 825 crore] in its Series D round of financing led by Tiger Global. Existing investors such as B Capital and International Finance Corporation (IFC) and CDC have also participated in the fresh funding.

Tiger Global has spearheaded the Series D round with $45 million [Rs 337.5 crore] while B Capital and CDC have invested $17.5 million [Rs 131.3 crore] each. IFC has put in $15.7 million [Rs 118.12 crore] and Schroder Capital joined the round with $8 million [Rs 60 crore], the company's regulatory filings show.

Chiratae Ventures has invested $3.5 million [Rs 26.25 crore] whereas Bruno E. Raschle, Satyadharma Investments and Castle Investment have put in $0.5 million [Rs 3.75 crore] each. SCG promoted Add Ventures Capital has infused $1.25 million [Rs 9.4 crore] in the Series D round.

This is the maiden round for the Mumbai-based company in 2021. A year ago, it had mopped up $51 million [Rs 382.5 crore] in Series C round. The company has raised round $187 million to date.

Bizongo primarily provides three products: proprietary vendor management platform - Procure Live and supply chain digitization and automation product - Partner Hub and Artwork Flow lets enterprises manage packing artworks, designs, labels and compliance.

According to its website, it has over 1,500 manufacturers with 120 clients and has a capacity to manage 2 million tonnes of material on a monthly basis.

The six-year-old company has been valued at $600 million [Rs 4,500 crore] after this round, as per Fintrackr’s estimates. 

Following the completion of this round, Accel has emerged as the largest stakeholder in Bizongo with 16.84%. IFC, B Capital and Chiratae are the other double-digit stakeholders in the company with 12.06%, 11.97% and 11.52% respectively.

New investor Tiger Global has acquired a 7.5% stake in Bizongo.

Bizongo co-founders -- Ankit Tomar, Aniket Deb and Sachin Agrawal -- hold 5.03% stake each in the company. Refer below pie chart for the complete shareholding pattern:

While Bizongo is yet to disclose annual financial numbers for FY21, the company’s income surged 106% to Rs 247.5 crore in FY20 from Rs 120 crore in FY19. Its total expenses also soared 109% to Rs 386 crore in FY20 whereas the company’s losses jumped 118% to Rs 134.55 crore during the period.