Mumbai-based Smartpaddle Technology Pvt Ltd, which operates B2B technology platform Bizongo, has raised $22 million in Series B funding led by global technology fund B Capital. The round also saw the participation of International Finance Corporation, a member of the World Bank Group, as well as existing investors Accel Partners and IDG Ventures.
Started by three former IITians – Ankit Tomar, Aniket Deb and Sachin Agrawal in April 2015, 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.
The company which provides one-stop-shop packaging solutions to medium and large companies, plans to use this latest 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, which already counts Myntra, Box8, PepperFry and Hindustan Unilever as its clients, 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.
“With investment from B-Capital, we look forward to leverage on their expertise in the Southeast Asian markets, which will help us in our journey to scale up. On the other hand, IFC’s interest in the B2B ecommerce space and their deep network in the financial ecosystem will only help us refine our model further,” said co-founder and CEO Aniket Deb.