Online packaging platform Bizongo announced on Monday that it has raised $30 million in its Series C investment round led by Switzerland-based hedge fund Schroder Adveq. Existing investors B Capital, Accel, Chiratae Ventures and IFC also took part in the financing round. Bizongo designs, develops and procures packaging solutions to cater to clients across categories like e-commerce, FMCG and consumer durables. The firm had raised $22 million as part of its Series B financing round in 2018 led by B Capital and IFC.
The funds will be deployed to ramp up technology, expand into newer sectors like pharma packaging and increase Bizongo's penetration across India, the company said in a statement.
Bizongo was founded in 2015 by three IIT graduates - Aniket Deb, Sachin Agrawal and Ankit Tomar. According to Agrawal, Bizongo has created a value proposition that promises 100% availability of packaging material and no-stock-outs at very low inventory. "This helps clients to reduce their packaging material procurement cost by 2-5% and at the same time ensures better production planning for our supply partners. This creates a strong value proposition for all stakeholders across the value chain," he said.