The Mumbai-based firm additionally mentioned it has launched a brand new product — a ‘cloud manufacturing facility’ powered by web of issues (IoT) gadgets. This, the corporate mentioned, will assist producers present their prospects with real-time knowledge on their provide chain.
The spherical additionally noticed CDC and IFC EAF becoming a member of as new buyers. It additionally concerned current buyers B Capital, Chiratae Ventures, Schroder Adveq, IFC and Add Ventures by SCG. Manish Choksi, a member of Bizongo’s advisory board and vice chairman at Asian Paints, additionally invested in his private capability.
Bizongo mentioned it recorded 8X progress in income from its pre-pandemic days, clocking an annual recurring income of $250 million in November. The corporate will use the contemporary funds to ramp up its enterprise and know-how groups to develop extra digital providers. It should additionally spend money on vendor partnerships and supply software program options to 100 factories.
“There’s numerous untapped potential in the way in which Indian companies can leverage know-how to develop and thrive. Bizongo gives options throughout digital vendor administration, provide chain automation and provide chain financing to its enterprise prospects. We at the moment are totally geared to sustainably develop the enterprise by a minimum of 300 p.c year-on-year from right here on,” mentioned cofounder Sachin Agrawal.
The corporate mentioned it has greater than 135 enterprise prospects unfold throughout sectors like style and life-style, prescription drugs, shopper discretionary, shopper staples, dwelling and private care, and ecommerce. Its community has round 3,000 factories. Its prospects embody firms comparable to Flipkart, Ecom Specific, Tata Cliq, Licious and Arvind Vogue.
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“The marketplace for customised items is the fastest-growing phase in B2B ecommerce. At a dimension of $500 billion, this market is huge but extremely fragmented and unorganised,” mentioned John Curtis, associate at Tiger World. “We discovered Bizongo very distinctive in the way in which they’ve been constructing a transaction-led platform with a tech-first vs a trade-first mindset. The total-stack strategy with an asset-light working mannequin makes Bizongo stand out as a market chief on this phase.”
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