Bizongo eyes $300M revenue by this fiscal end, claims to be profitable
B2B ecommerce firmon Wednesday said it has turned profitable and expects to clock a revenue of $300 million by the end of the current financial year.
The company said it has already surpassed the annual revenue run rate of $200 million with exponential business growth in its customer segments across fashion and lifestyle.
"With the pent-up festive demand, the company envisages to cross at least $300 million in annualised revenue by end of this fiscal year," Bizongo co-founder and Chief Technology Officer Ankit Tomar said in a statement.
The company said its average contract value is $2.4 million, three times more as compared to the same period last year. And, on average, the business has onboarded over 10 medium-to-large-sized enterprise customers every month since the pandemic.
Co-founder of Bizongo
Bizongo said it primarily draws its revenue from Indian customers and claimed to have started seeing early traction in Bangladesh, Thailand, Middle East, and the UK, where it is working with customers in the healthcare and fashion industry.
"Bizongo's international foray is led by its vision to become a global B2B (business-to-business) ecommerce leader. Ahead of a buoyant festive and wedding season starting with Navratri this week, Bizongo is expecting to touch $300 million in an annualised revenue by the end of the fiscal year," the statement said.
Bizongo is backed by International Finance Corporation (IFC), CDC, BCapital, Chiratae, Accel, Schroder Adveq and AddVentures.
IFC Regional Lead (South Asia) Ruchira Shukla said Bizongo's technology-based asset-light and capital-efficient business model is helping India's fragmented base of MSME manufacturers manage their business on Bizongo's cloud platform and get access to collateral-free digital working capital solutions.
Bizongo claims that the company's core platforms have over 120 enterprise customers and a base of over 3,000 partner factories.