IDG, Accel invest $3m in India's Bizongo

Bizongo will use the new capital to improve its supply chain and logistics capabilities, along with expanding its seller base, the founders told YourStory. The company will also pursue partnerships with large corporate customers in the retail and manufacturing industries in order to provide end-to-end procurement processes.

Founded last year, Bizongo connects sellers of packaging materials and products with corporate and small-business buyers, providing both generic and custom packaging and branding options. It currently has more than 1,000 sellers on its marketplace, with buyers mainly coming from the retail, e-commerce, and food and hospitality industries. The company claims to have served more than 3,000 businesses since its launch.

India's packaging industry is estimated to be worth up to $17 billion, but has very few organized players. Bizongo's potential to take advantage of the highly fragmented market attracted IDG, as well as Accel, which committed an undisclosed amount of seed funding last October.

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• Topics
• South Asia
• Technology
• Support services
• Early-stage
• India
• IDG Ventures
• Accel Partners
• TMT
• Logistics
• Venture