B2B ecommerce startup Bizongo raises $50M from existing investors: Report
The fund was raised at a valuation of $980 million, 63% higher than the valuation during the previous round of funding in August 2022.
, the B2B ecommerce startup for enterprises, has raised about $50 million from existing investors in a Series E funding round led by Schroder Adveq, a Zurich-based private equity firm.
International Finance Corp, Chiratae Ventures, B Capital and British International Investment were the others who participated in this round, The Economic Times has reported.
According to the report, the fund was raised at a valuation of $980 million, 63% higher than the valuation during the previous round of funding in August 2022.
Sachin Agrawal, Co-founder and Chief Executive of Bizongo, told The Economic Times that the startup is in advanced discussions on an acquisition, without sharing specific details.
YourStory was unable to independently verify this report. Queries sent to Bizongo by YourStory remain unanswered, this story will be updated to reflect its response.
Founded in 2015, the startup offers digital vendor management, supply chain automation, and supply chain financing services to various categories of enterprise clients.
Currently, the company has 450-500 enterprise customers, while 7,000-8,000 SME vendors are onboarded on its platform, compared with 175 customers and 2,500-3,000 vendors two years ago.
In FY23, Bizongo reported a gross merchandise value of $800 million. It generated about $7 million - $8 million in positive cash flow in the period. Loss remained flat at around Rs 100 crore in FY21, FY22 and FY23. In FY24, its net revenue is expected to see a moderate 25-30% growth as the company focuses on profitability, said Agrawal.