Bizongo, a business-to-business (B2B) vendor-digitisation platform, raised around USD 50 million from its existing investors in a Series E funding round led by Schroder Adveq, a Zurich-based private equity firm.
According to media reports, the fresh capital was raised at a valuation of USD 980 million, a 63 per cent higher compared with the previous round of funding in August last year.
Other notable investors participated in the round were, International Finance Corp, Chiratae Ventures, B Capital and British International Investment, reports added.
The startup is currently in advanced discussions on an acquisition. Last year, it had acquired two companies: Hexa and Clean Slate Technologies.
Bizongo was founded in 2015 by IIT graduates Agrawal, Aniket Deb and Ankit Tomar. The company provides software solutions for vendor management, supply-chain automation and financing.
Currently, the company claims to have 450-500 enterprise customers with 7,000-8,000 SME vendors onboarded on its platform, compared with 175 customers and 2,500-3,000 vendors two years ago.
In FY23, Bizongo reported a gross merchandise value of USD 800 million. It generated about USD 7-8 million in positive cash flow in 2022. Loss remained almost flat, at around Rs 100 crore, for three consecutive fiscal years (FY) in FY21, FY22 and FY23. In FY24, net revenue is expected to see moderate 25 to 30 per cent growth as the company focuses on profitability, as per media reports.
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