The Mumbai-based company also said it has launched a new product — a ‘cloud factory’ powered by internet of things (IoT) devices. This, the company said, will help manufacturers provide their customers with real-time data on their supply chain.
The round also saw CDC and IFC EAF joining as new investors. It also involved existing investors B Capital, Chiratae Ventures, Schroder Adveq, IFC and Add Ventures by SCG. Manish Choksi, a member of Bizongo’s advisory board and vice chairman at Asian Paints, also invested in his personal capacity.
Bizongo said it recorded 8X growth in revenue from its pre-pandemic days, clocking an annual recurring revenue of $250 million in November. The company will use the fresh funds to ramp up its business and technology teams to develop more digital services. It will also invest in vendor partnerships and provide software solutions to 100 factories.
“There is a lot of untapped potential in the way Indian businesses can leverage technology to grow and thrive. Bizongo offers solutions across digital vendor management, supply chain automation and supply chain financing to its enterprise customers. We are now fully geared to sustainably grow the business by at least 300 percent year-on-year from here on,” said cofounder Sachin Agrawal.
The company said it has more than 135 enterprise customers spread across sectors like fashion and lifestyle, pharmaceuticals, consumer discretionary, consumer staples, home and personal care, and ecommerce. Its network has around 3,000 factories. Its customers include companies such as Flipkart, Ecom Express, Tata Cliq, Licious and Arvind Fashion.
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“The market for customised goods is the fastest-growing segment in B2B ecommerce. At a size of $500 billion, this market is vast yet highly fragmented and unorganised,” said John Curtis, partner at Tiger Global. “We found Bizongo very unique in the way they have been building a transaction-led platform with a tech-first vs a trade-first mindset. The full-stack approach with an asset-light operating model makes Bizongo stand out as a market leader in this segment.”