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by IANS |
Mumbai, Dec 20 (IANS) B2B ecommerce platform Bizongo on Monday said it has raised $110 million in a Series D round led by New York-based Tiger Global Management.
With the latest round, Bizongo's valuation has soared to $600 million, making it the market leader in the segment.
"Bizongo offers solutions across digital vendor management, supply chain automation and supply chain financing to its enterprise customers. It enables them to digitise their entire vendor ecosystem and build integrated and connected supply chain processes," said Sachin Agrawal, Co-founder at Bizongo.
The startup will deploy the fresh funds in ramping up its business and tech teams to develop a suite of digital services for both sides of the marketplace. It will also invest in transforming over 100 factories into true ‘cloud factories' through its proprietary solutions.
Founded in 2015 by IIT graduates Aniket Deb, Ankit Tomar and Agrawal, Bizongo is digitising the massively fragmented B2B segment of made-to-order goods.
The B2B tech company recorded an 8X growth in its top line from its pre-pandemic scale clocking an ARR (annual recurring revenue) of $250 million in November this year.
"At a size of $500 billion, this market is vast yet highly fragmented and unorganised. The full-stack approach with an asset-light operating model makes Bizongo stand out as a market leader in this segment," said John Curtius, Partner at Tiger Global.
The series D round had new investments from CDC and IFC EAF, and saw participation from existing investors BCap, Chiratae Ventures, Schroder Adveq, IFC and Add Ventures by SCG.