E-commerce focused packaging company Bizongo has raised $50 million in a Series E funding round led by existing investor Schroder Adveq. The fresh funding has come after a gap of more than one year for the Mumbai-based startup.
International Finance Corp, Chiratae Ventures, B Capital and British International Investment also participated in the round.
According to an ET report, it has raised the fresh round at a valuation of $980 million. The startup, which is close to unicorn valuation, has raised $260 million to date.
The B2B platform scooped up $25 million from Liquidity Group’s Mars Growth Capital in August last year and a $110 million Series D led by Tiger Global at a valuation of $600 million.
Founded in 2015, Bizongo offers digital vendor management, supply chain automation & supply chain financing as key services to its enterprise customers. The platform serves 450-500 enterprise customers in fashion & lifestyle, pharmaceuticals, consumer discretionary, consumer staples et al.
As per the company, more than 50% of the raw materials bought by SME vendors on its platform are steel and aluminum while paper and polymer command about 15% volume share each.
Bizongo also provides unsecured financing to vendors and according to the company it has tied up with more than 40 banks and non-bank financial companies for loan disbursement. Last year, Bizongo acquired Hexa and Clean Slate Technologies. The firm is also looking for fresh acquisitions this year.
While Bizongo is yet to file its audited annual report for FY23, the firm registered Rs 1,705 crore in operating revenue in FY22 with a loss of Rs 100 crore, according to data intelligence platform TheKredible. The company is aiming to post a profit before tax in the fiscal year ending March 2024 of FY24.