<article>Smartpaddle Technology Pvt Ltd, which operates B2B technology platform <a href="http://dealstreetasia.com/tag/bizongo" target="_blank" rel="noopener">Bizongo</a>, has raised $22 million in a funding round led by global technology fund <a href="http://dealstreetasia.com/tag/b-capital" target="_blank" rel="noopener">B Capital</a>.</article>

Smartpaddle Technology Pvt Ltd, which operates B2B technology platform <a href="http://dealstreetasia.com/tag/bizongo" target="_blank" rel="noopener">Bizongo</a>, has raised $22 million in a funding round led by global technology fund <a href="http://dealstreetasia.com/tag/b-capital" target="_blank" rel="noopener">B Capital</a>.
The Series B round also saw the participation of <a href="http://dealstreetasia.com/tag/ifc" target="_blank" rel="noopener">International Finance Corporation</a>, a member of the <a href="http://dealstreetasia.com/tag/world-bank" target="_blank" rel="noopener">World Bank Group</a>, as well as existing investors <a href="http://dealstreetasia.com/tag/accel" target="_blank" rel="noopener">Accel Partners</a> and <a href="http://dealstreetasia.com/tag/idg" target="_blank" rel="noopener">IDG Ventures</a>.
In a recent disclosure, IFC had proposed an equity investment of up to $5 million in the Mumbai-based company.
Started by three former IITians – Ankit Tomar, Aniket Deb and Sachin Agrawal in April 2015, Bizongo provides one-stop-shop packaging solutions to medium and large companies.
The company curates, on-boards and provides access to SME packaging material manufacturers across India. It has warehouses in three cities – Mumbai, Bangalore and New Delhi &#8212; through which it services customers across the country.
According to an official statement, the company plans to use this fresh round of funding to enhance its technology platform and design functions, as well as strengthen its teams across cities. It has established offices in Delhi and Bengaluru currently.
Bizongo raised $3 million in a Series A round of funding from venture capital firms IDG Ventures and Accel Partners in November 2016. It had raised an undisclosed amount of funding in a seed round from Accel Partners in October 2015.
&#8220;With investment from B-Capital we look forward to leverage on their expertise in the South East Asian markets which will help us in our journey to scale up. On the other hand, IFC’s interest in the B2B e-commerce space and their deep network in the financial ecosystem will only help us refine our model further,&#8221; said co-founder and CEO Aniket Deb.
According to an official statement, the $40 billion packaging industry in India is largely fragmented with more than 30, 000 registered packaging companies, out of which 85 per cent are MSMEs.
&#8220;Digital enablement of SMEs is a very important strategic goal for IFC. Bizongo helps SME suppliers improve their capacity utilization and drive up revenues, providing much needed financial sustainability to this segment,&#8221; said Ruchira Shukla, South Asia Regional Lead for Venture Capital at IFC.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-ifc-proposes-5m-investment-in-b2b-packaging-marketplace-bizongo-91600/" target="_blank" rel="noopener">India: IFC proposes $5m investment in B2B packaging marketplace Bizongo</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/bizongo-raises-3-million-from-idg-ventures-accel-partners-57485/" target="_blank" rel="noopener">India: Bizongo raises $3m from IDG Ventures, Accel Partners</a>

The Series B round also saw the participation of International Finance Corporation (IFC) as well as existing investors Accel Partners and IDG Venture.

B2B packaging marketplace Bizongo raises $22m round led by B Capital

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B2B packaging marketplace Bizongo raises $22m round led by B Capital

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