Bizongo, a B2B online marketplace for packaging materials, has found a new high profile backer in the form of B Capital, which is owned by Facebook’s co-founder Eduardo Saverin. B Capital along with International Finance Corporation (IFC) led $22 Mn Series B funding round in Bizongo on Wednesday. Other existing investors Accel Partners and IDG Ventures also participated in the round.
The Mumbai headquartered Bizongo, which is operated by Smartpaddle Technology Pvt Ltd, issued a statement stating that it will use the latest capital infusion for further improvement of technological platform and design functions.
B Capital’s latest investment in Bizongo comes barely four months after it pumped $10 Mn in Fintech startup Mswipe. The investment company hasn’t exactly disclosed whether it is seriously looking to strengthen the Indian portfolio further.
Bizongo: offers one-stop shop packaging solution to companies
Incorporated in 2015 by three IIT aluminas, Bizongo offers affordable as well as innovative packaging solutions to small as well as large companies. The startup curates and provides customers the best possible access to packaging manufacturers spread across India.
The Mumbai based startups claims that more than 2,500 packaging companies have registered on their platform. Its client list includes high profile companies like Myntra, Tata Cliq and FirstCry. The company has three warehouses in Mumbai, Bengaluru and Delhi.
India’s packaging industry is valued to be around $40 billion, but the industry is highly unorganized and is dominated by local vendors. Bizongo’s task to penetrate into this highly unorganized market appears to be really cut out. However, the latest funding will certainly come as a shot in the arm, which has taken total funding for the startup to $25 Mn. It had last secured funds in 2016, when it raised $3 Mn in series A funding round.