Bizongo aims to clock $500M annualised revenue by FY23
B2B ecommerce platform for customised goodson Monday said it aims to clock $ 500 million (about Rs 3,700 crore) in annualised revenue by FY23.
The company has achieved $150 million in annualised revenue and is set to turn profitable soon, a statement said.
The company's topline grew by 5X as compared to its pre-pandemic levels, it added.
Bizongo also plans to hire 50-60 people in the next few months across tech, sales, finance, and other areas.
'The remarkable growth comes on the back of Bizongo offering its proprietary platform for replenishing and supplying more than 10 million Personal Protective Equipment (PPE) for healthcare workers and launching a new vertical in textiles and apparel, which contributes 40 percent to the overall business,' it said.
Its packaging business registered a 240 percent growth following increased demand from healthcare, consumer staples, and discretionary industries, it added.
Besides, the company is also expanding into pharma and healthcare verticals and has started servicing international customers and markets.
The Bizongo Team
'The overall market size of domestic customised goods, ranging from packaging, textiles, apparel, speciality chemicals, and other contract manufactured products, is estimated to be $500 billion, with more than 10 percent margin potential for digital aggregators,' the statement said.
Currently, the space is fragmented and unorganised, with challenges arising from the higher total cost of ownership (TCO), manual processes, offline catalogue and artwork management, ad-hoc vendor engagement, inaccurate purchase planning, high inventory, loss of sales, and delayed payments to vendor partners.
Bizongo's tech-first strategy of digital vendor management, supply chain automation and supply chain financing significantly improve the go-to-market speed, top line, bottom line, and operational efficiency of the enterprises, the statement said.
'Over the last couple of years, Bizongo has made its operating model inventory-free as it further strengthens the capital efficiency of the business...I am extremely proud that the team has demonstrated tremendous grit and resilience through the past year and is now inches away from EBITDA profitability,' Sachin Agrawal, co-founder of Bizongo, said.
Bizongo had recently closed its Series C funding of $ 51 million and appointed Manish Choksi, Vice Chairman of Asian Paints, as Board Advisor.
The company is backed by Schroder Adveq, CDC Investment, AddVentures, Chiratae Ventures, B Capital Group, IFC, and Accel.