India Digest: Bizongo raises $25m working capital facility; Fintechs Twid, Jify bag Series A rounds

Photo by Micheile Henderson on Unsplash

B2B trade enablement startup Bizongo said it has secured a $25-million working capital facility from Liquidity Group’s Mars Growth Capital. Separately, fintech startups Jify and Twin have raised $10 million and $12 million in new funding rounds, respectively.

Bizongo raises $25m working capital facility

B2B trade enablement giant Bizongo has secured a $25-million working capital facility from Tel Aviv-based Liquidity Group’s Mars Growth Capital.

In December 2021, Bizongo raised $110 million in a Series D round led by Tiger Global Management, valuing the firm at $600 million.

“The working capital facility drives for 100% availability of made-to-order goods procurement and no-stock-outs at very low inventory level, as well as helps Bizongo’s clients to reduce their made-to-order products’ procurement cost,” says Yaron Primovich, managing director at Mars Growth Capital.

Bizongo was founded in 2015 by IIT graduates Aniket Deb, Sachin Agrawal and Ankit Tomar and focuses on packaging, textiles, apparel and other contract manufacturing goods as its product portfolio and has a network of over 6,300 partner factories. Through its proprietary digital platforms, such as Procure Live, Partner Hub and Artwork Flow, Bizongo said it offers digital vendor management, supply-chain automation and supply-chain financing as key services to its enterprise customers.

Jify raises $10m in Series A

Earned wage access and employee financial benefit platform Jify on Wednesday said it has raised $10 million in its Series A funding from Accel and Nexus Venture Partners.

Founded in 2021 by Anisha Dossa Aibara, Anusha Ramakrishnan and Aditya Mehta, Jify aims to use the fresh capital to strengthen its fintech product offering and ramp up customer acquisition across sectors and cities while aiming to increase adoption among the workforce.

The fintech platform also tracks user spending, helps set up practical saving goals, facilitates smart budgeting and helps access to simplified financial advice, accompanied by its digital card.

Twid raises $12M from Rakuten Capital

Indian reward points startup Twid said it has closed its Series A round of funding worth $12 million, led by Rakuten Capital, to expand in the South Asian market.

Twid, which stands for ‘That’s What I Do’, said the round also saw participation from Google and existing investors including Sequoia Surge and Beenext.

Founded in 2020 by Amit Koshal, Rishi Batra and Amit Sharma, the startup claims to have over 40 million active users on its network and counts JioMart, NedMeds, Yatra, Gaana, Wakefit, Ixigo, ConfirmTKT and InterMiles as some of its partners.

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