[Funding alert] Bizongo raises $110M led by Tiger Global at a valuation of $600M
, the B2B ecommerce startup for enterprises, has raised $110 million in a Series D funding round led by Tiger Global at a valuation of $600 million.
This round of funding also saw participation from investors such as CDC, IFC EAF, BCap, Chiratae Ventures, Schroder Adveq, IFC, and Add Ventures by SCG.
Bizongo plans to deploy this fresh round of funding to ramp up its business and tech teams to develop a suite of digital services for both sides of the marketplace.
Founded in 2015, the startup offers digital vendor management, supply chain automation and supply chain financing services to various categories of enterprise clients.
According to the press release, the startup has recorded an 8X growth in its top line as compared to pre-pandemic levels, clocking an ARR of $250 million in November this year. Bizongo claimed it is EBITDA profitable due to an inventory-free operating model.
Sachin Agrawal, Co-founder at Bizongo, said, “There is a lot of untapped potential in the way Indian businesses can leverage technology to grow and thrive. We are now fully geared to sustainably grow the business by at least 300 percent year-on-year from here on.”
Bizongo also launched its IoT-powered ‘cloud factory’ for made-to-order goods. This SaaS-based solution is aimed at enabling manufacturers to provide their customers with real-time visibility, control, and intelligence across the entire supply chain.
The startup also launched an online bidding platform for real-time seller and price discovery in categories like packaging, textiles and apparel, among others. It is also expanding its digital supply chain financing (SCF) platform in partnership with top banks and NBFCs.
The startup claimed that its SCF platform has already enabled early payments worth over Rs 1,000 crore to more than 1,000 SMEs and MSMEs.
John Curtius, Partner at Tiger Global, said, “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. 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.”