B2B packaging marketplace Bizongo set to raise $15m from B Capital, IFC, others

Photo: Reuters

Bizongo, a business-to-business marketplace for packaging materials, is raising $15 million from existing investors, including global technology fund B Capital and International Finance Corporation (IFC).

The funding is expected to be part of the company’s Series C round, which may also see participation from Accel and Chiratae Ventures. The company’s valuation post this round stands at over $95 million.

According to the company’s filings with the Registrar of Companies (RoC) sourced by paper.vc, both B Capital and IFC have subscribed to 1,198 compulsorily convertible preference shares of Bizongo at a premium of Rs 1.72 lakh per share. The pair have together invested about Rs 41.25 crore in the round.

The filings, however, did not mention the amount being pumped in by other investors.

Bizongo, which is operated by Smartpaddle Technology Pvt Ltd, raised $22 million in a funding round led B Capital in May last year. The round had also seen participation from IFC, Accel Partners, and IDG Ventures.

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 — through which it services customers across the country.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.