Bizongo, a business-to-business platform for packaging materials, has closed its Series C funding round at $51 million (Rs 381 crore) -- a mix of equity and debt.
The investment was led by the UK government's development finance institution CDC and SCG’s corporate arm AddVentures.
Those who took part were Switzerland-based hedge fund Schroder Adveq, Bruno Raschle and existing investors Accel, Chiratae and World Bank’s International Finance Corporation (IFC).
On the debt front, investments came from Stride Ventures, Trifecta Capital, TradeCred, and IDFC First Bank, Bizongo said.
“Bizongo is now inches away from profitability,” Aniket Deb, co-founder and CEO of Bizongo, said.
In January, the company raised $9.3 million in a growth funding round.
“Bizongo has been generating positive cash flow from operations for the past 2 quarters, something rarely witnessed in the B2B e-commerce space,” Prakit Worawattananon, managing director of AddVentures, said.
Bizongo, which designs, develops and sells packaging material to small and medium enterprises, faced headwinds due to the Covid-19 pandemic and laid off employees in July 2020. At the time, the company claimed to have paid severance packages to employees.
Bizongo was founded in 2015 by Sachin Agarwal, Aniket Deb and Ankit Tomar. The company offers boxes, containers, pouches and bags for industries such as food and hospitality, consumer goods and retail.
It has warehouses in Mumbai, Bengaluru and Delhi. Its clients include Bigbasket, Nykaa, Swiggy, Delhivery, Teabox and Tata Cliq.
