PE Fund Investments
B2B platform Bizongo raises $50-M from existing backers in Series E round
Business-to-business vendor-digitisation platform Bizongo has raised about USD 50 million from its existing investors in a Series-E funding round led by Schroder Adveq, with participation from IFC, Chiratae Ventures, B Capital and British International Investment. The new capital was raised at a valuation of USD 980 million, 63% higher compared with the previous round of funding in August 2022. Founded in 2015 by IIT graduates Agrawal, Aniket Deb and Ankit Tomar, Bizongo offers software-based vendor management and supply chain automation and financing. Currently, the company derives half its revenue by consolidating raw material and purchasing workflows for small and medium sized vendors and the other half by providing unsecured financing to the same vendors. It has partnerships with more than 40 banks and non-bank financial companies to arrange loans for the vendors.
From the Venture Intelligence PE-VC Deal Database: Between Oct-15 and Aug-22, Bizongo had raised about USD 200 M from Accel India, IFC, Chiratae Ventures, Accel India, British International Investment, AddVentures, Mars Growth Capital, Tiger Global, B Capital Group, Schroder Adveq, AddVentures and others. It has also raised venture debt from InnoVen Capital, Trifecta Capital, Stride Ventures, Others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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