[Funding alert] Bizongo raises Rs 825 Cr in Series D round led by Tiger Global
This is the first funding round for Bizongo in 2021 and the B2B startup is likely to register a revenue of $300 million in the current financial year.
Tuesday December 07, 2021,
2 min Read
, the B2B startup focused on the packaging industry, has raised Rs 825 crore in its Series D round of funding led by Tiger Global, according to regulatory filings.
The startup's filings with the Registrar of Companies (RoC) reveal that it has issued 10 equity shares of 121,510 Series D2 Compulsorily Convertible Preference Shares (CCPS) at a price of Rs 67,890 per share to ten subscribers.
In this transaction, Tiger Global has infused Rs 337.5 crore by subscribing to this issue, followed by Rs 131.25 crore each by B Capital and CDC Group. IFC, the private sector arm of World Bank, subscribed by injecting Rs 118.23 crore, and Schroder Capital infused Rs 60 crore.
The other investors in this round include Chiratae Ventures, Bruno E Raschle, Satyadharma Investments, and Castle Investments.
Reports indicate that the latest round of funding for Bizongo comes at a valuation of Rs 4,500 crore.
Earlier this year, Bizongo had closed its Series C round by raising $51 million, and now, the total funds garnered by the startup to date stand at $187 million.
In an earlier report, Bizongo said it turned profitable and expected 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. On average, the business has onboarded over 10 medium-to-large-sized enterprise customers every month since the pandemic.
Bizongo said it primarily draws its revenue from Indian customers and claimed to have started seeing early traction in Bangladesh, Thailand, the Middle East, and the UK, where it is working with customers in the healthcare and fashion industry.
Edited by Kanishk Singh