Bizongo carves out BizongoFin and BizongoBuy as new businesses
The Accel and IFC-funded ecommerce platform also announced appointments of new CEOs for the new businesses.
B2B ecommerce platform Bizongo on Monday separated its raw material marketplace BizongoBuy and its supply chain finance platform, BizongoFin into separate businesses.
Each of the new businesses will be led by a new CEO. The company has appointed ex-banker Kiran Dev to lead BizongoFin and former Cleartrip’s Chief Business Officer Prahlad Krishnamurthi to lead BizongoBuy as its CEO.
The company, which is backed by Accel and IFC, also said that Gaurav Singhania has been appointed as the group’s Chief Financial Officer. Singhania has over 20 years of experience and has previously worked at American Express and LendingKart.
Amol Wanjari has joined as the group’s Chief Technology and Product Officer, according to a statement.
Bizongo aims to leverage its new management appointments to improve its focus on ecommerce and its embedded financing platforms for small and medium enterprises.
“The market opportunity in Indian B2B E-Commerce is scaling rapidly - fuelling growth across the famous industry troika of commerce, financing and logistics. We have attained a high growth momentum across our digital platforms for integrated raw material buying, and embedded supply chain financing. With the addition of Kiran, Prahlad, Gaurav, and Amol, we are bringing in leaders with diverse and complimentary skill sets that will significantly contribute to Bizongo’s vision of bringing technology to businesses in simple and meaningful ways to make Business On the Go,” said Sachin Agrawal, Co-founder & CEO of Bizongo.
The Mumbai-based company has raised around $205 million across 11 rounds of funding and is valued at $945 million as of October 10, 2023, according to Tracxn.
Other notable investors in the company include Tiger Global, Chiratae Ventures, Schroders and BII.
Edited by Affirunisa Kankudti
