Bizongo, one of India’s largest online marketplaces for packaging needs, raised $30 million in a new round of financing as it seeks to expand its presence in the country and serve more classes.
A new round of financing, Series C, was held by Schroder Adveq, a Swiss hedge fund that manages $10 billion in assets. According to the startup, the current investors B Capital, Accel, Chiratae Ventures and IFC also took part in the round.
Bizongo from Mumbai, to date has raised about $56 million. According to an analysis of its regulatory documents, in the 2018 Series B funding round, it was valued at approximately $96 million.
The five-year-old startup fills in as a commercial center for organizations to distinguish, purchase, and sell material pressing arrangements across businesses. It likewise offers pressing structure, improvement, and acquisition solutions.
Sachin Agarwal, chief operating officer and co-founder of Bizongo, said the startup offers a unique value proposition of promising a “100% availability of packaging material and no-stock-outs at very low inventory.”
Sachin Agarwal, COO and co-founder of Bizongo, said the startup offers an identical incentive of promising a “100% accessibility of bundling material and no-stock-outs at low stock.” “This helps customers reduce packaging costs by 2-5% as well as provides better production intending to our inventory accomplices. This makes a solid offer for all partners in the worth chain.”
Bizongo didn’t disclosed about customers he had but said that they cover some of the leading industries in e-commerce, retail, FMCG, and FMCD. The organization professes to work with in excess of 750 producers in India and to date has conveyed 290 million bundling units. He additionally claims to have served in excess of 350 brands.