India’s Bizongo gets $30 million Series C

Existing investors B Capital, the International Financial Corporation (IFC), Accel Partners, Chiratae Ventures also made contributions to the round. Bizongo previously received $22 million in Series B funding in 2018. 

Following the investment, the company says it will seek new clientele in sectors like pharmaceuticals and expand its presence in other parts of the country. Bizongo was founded in 2015 by Sachin Agarwal, Aniket Deb and Ankit Tomar (pictured). It aims to improve the packaging procurement process by connecting companies with suppliers through an online platform. The company also offers packaging design software solutions.

Bizongo claims to work with more than 350 companies and 750 packaging manufacturers nationwide, facilitating the delivery of 155 million packages every month. By digitizing the packaging procurement process, customers have an easier time benchmarking packaging costs and simplifying invoicing processes. They can also acquire end-to-end visibility of the procurement process.

"Bizongo has created a unique value proposition in this industry which promises 100% availability of packaging material and no-stock-outs at very low inventory,” Agarwal said in a statement. “This helps clients to reduce their packaging material procurement cost by 2-5% and at the same time ensures better production planning for our supply partners.

Kabir Narang, a general partner and co-head of Asia at B Capital Group, added: “Bizongo has demonstrated strong momentum by continuing to add marquee clients and we have been impressed with the company’s rapid growth trajectory over the past year.”

Last month, Deloitte India recognized Bizongo as the fastest-growing technology firm in the country, citing 8,000% average annual growth over the past three years. Traditionally, Indian companies - if they don't handle packaging procurement in-house - outsource the function to integrated providers. Some specialists have gained traction, with The Blackstone Group acquiring Essel Propack, a global leader in laminated tube production, last year.

Buoyed by rising economic growth and increased e-commerce activity, India's packaging industry has grown exponentially in recent years. By the end of the current financial year, it will be worth $72.6 billion, according to an EY study. With rising concerns over plastic waste, however, a shift towards sustainable packaging is anticipated.

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• Topics
• South Asia
• Early-stage
• Technology
• India
• B Capital
• Adveq Management AG
• Chiratae Ventures
• Accel Partners
• IFC