Packaging materials platform Bizongo has raised $25 million to help Southeast Asia-based manufacturers automate their supply chains, access working capital and increase their clientele across the region, according to a Tech Funding News report Wednesday (Aug. 3).
Israeli venture capitalist Liquidity Group led Bizongo’s latest fundraising round. The company was founded in 2015 by Indian Institute of Technology graduates Sachin Agarwal, Aniket Deb and Ankit Tomar.
Bizongo offers boxes, containers, pouches and bags for food and hospitality, consumer goods and retail businesses. Its warehouses are located in Mumbai, Bengaluru and Delhi and its customers include BigBasket, Nykaa, Swiggy, Delhivery, Teabox and Tata Cliq.
“Bizongo’s tech-first solutions have powered Indian manufacturers to automate their supply chain, access working capital and increase their clientele,” said Agrawal in the report. “We want to bring similar benefits to manufacturers across SE Asia and help them scale in a market which is priming with opportunities. The credit line from Mars Growth Capital will fuel our expansion into more sectors.”
Bizongo has more than 300 commercial customers and more than 3,000 partner factories through its two platforms, Procure Live and Partner Hub. The company provides digital vendor management, supply chain automation and supply chain financing.
“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,” says Yaron Primovich, Managing Director at Mars Growth Capital and the Global CRO of Liquidity Group, a Tel Aviv based global capital market credit automation leader. “Whenever we can provide capital to companies which drives cost efficiency, we see that as a win.”
Related: Bizongo Valued at $600M After $110M Series D Fundraising Round
In December, SmartPaddle Technology Pvt. Ltd, which owns and operates Bizongo, raised $110 million through a Series D fundraising round, putting its value at $600 million.
The company closed its Series C funding round — which included both equity and debt worth $51 million — in April 2021, with CDC taking the lead in that effort.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More