PE Fund Investments
B2B packaging startup Bizongo raises Rs.825-Cr from Tiger Global, CDC, others: report
Mumbai-based SmartPaddle Technology Pvt Ltd, which operates B2B platform for packaging materials under the brand Bizongo, has raised INR 825 crore (USD 110 million) in a Series D round led by Tiger Global at a post-money valuation of INR 4,500 crore (USD 600 million). The company has reportedly issued 10 equity shares (to existing investor CDC Group) and 1,21,510 series D2 compulsorily convertible preference shares (D2CCPS) at INR 67,890 apiece to 10 subscribers. While Tiger Global's Internet Fund VII subscribed to 49,713 D2CCPS for INR 337.5 crore, existing investors B Capital and CDC Group invested INR 131.25 crore each, with another existing investor and IFC contributing INR 118.23 crore. Other investors in the round included Chiratae Venture, Schroder Adveq, Bruno E Raschle, Add Ventures Capital, Castle Investment, and Satyadharma Investments. Founded in 2015, Bizongo 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.
From the Venture Intelligence PE-VC Deal Database: Between Oct-15 and Apr-21, Bizongo had raised nearly $111-M from Stride Ventures, Trifecta Capital, Schroder Adveq, CDC Group, Accel India, Chiratae Ventures, IFC, B Capital Group, InnoVen Capital, and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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