B2B e-commerce player Bizongo completes $51 mn funding round

MUMBAI: Bizongo, a B2B platform for made-to-order goods, on Monday said it has completed a USD 51-million fresh funding exercise, with investments from British government’s development finance body CDC and Thailand-based Addventures, a corporate arm of SCG.

Commitments from the two new investors are the second tranche of the $51-million series-C funding efforts, an official statement said. It added that other investors who participated in the first tranche included Schroder Adveq, Bruno Raschle, and existing investors Accel, Chiratae and IFC.

Apart from the equity investments, the city-based company has also raised debt from Strides, Trifecta Capital, Tradecred, and IDFC First Bank, the B2B e-commerce player said.

“The company has been generating positive cash flow from operations for the past two quarters, something rarely witnessed in the B2B e-commerce space.

“Through this, it has created a solid foundation to further accelerate the growth and consolidate their market leadership in such a largely untapped market,” Addventures MD Prakit Worawattananon was quoted as saying in the statement.Bizongo co-founder and CEO Aniket Deb said it has witnessed an over 3x growth since the completion of the latest round of fundraising, and is now “inches away from profitability”.

Co-founder and COO Sachin Agrawal added it now plans to extend modular digital service offerings to more product lines such as apparels and textiles in the madeto-order segment, after the latest funding round. “We are replicating the digital services model in emerging markets of SE Asia with same supply-demand dynamics.”