Vendor digitisation platform Bizongo acquires FactoryPlus
As part of the acquisition, the founders and team of FactoryPlus will join Bizongo, while investors Better Capital and Titan Capital will exit FactoryPlus.
Vendor digitisation platformhas acquired FactoryPlus, a factory digitisation app for micro, small, and medium enterprises (MSMEs).
With this acquisition, the founders and team of FactoryPlus will join Bizongo.
FactoryPlus had earlier raised a seed round from Better Capital and Titan Capital, who will exit the company as part of this acquisition.
Bizongo plans to integrate FactoryPlus’ mobile-first SaaS capabilities such as factory inventory management, real-time raw material prices, news feed, and digital catalogues.
Through this acquisition, the company will offer local manufacturers an AI-powered raw material procurement solution, which will enable them to source raw materials from the best vendors at the least possible costs.
The acquisition will also enable Bizongo to help businesses improve their cash conversion cycle through embedded solutions such as instant invoicing and instant e-waybill, said the company, in a statement.
Bizongo also aims to address challenges in raw material procurement and supply chain delay by offering embedded financing solutions.
"With this acquisition, we aim to empower manufacturers with tailored solutions, such as digital raw material consolidation and embedded financing that can be seamlessly integrated into their supply chain and help them contribute to the country’s economic future,” said Sachin Agrawal, Co-founder and CEO, Bizongo.
Last month, Mumbai-headquartered Bizongo had laid off 15% employees shortly after announcing a $50-million funding round. In June 2020, Bizongo had let go of around 160 staff.
As per the startup data intelligence platform TheKredible, Bizongo has raised a total of $260 million in funding. In the latest funding round, the company's valuation jumped from $600 million to $980 million.
Bizongo provides services such as digital vendor management, supply chain automation, and supply chain financing to enterprise clients.
FactoryPlus was founded in 2021 by Vatsal Rustagi, Sparsh Koyarala, and Bikash Dash as an operating system for manufacturers to make their factories smarter, faster, and cost-effective with the help of technology. It has over 4,000 factories on its platform, according to the statement.
Edited by Swetha Kannan