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.