B2B packaging marketplace Bizongo today raised $3 million in Series A funding in a round led by IDG Ventures. Existing investors Accel Partners also participated in the round.
Bizongo helps companies cater to products like boxes, bags, containers and disposable food containers, material handling, disposable plastics and plastic raw materials, etc. Companies can also use the platform to put their own logos on the products they procure.
Prayank Swaroop, Principal, Accel Partners, said
“We partnered with Bizongo in mid-2015 in their seed round. Bizongo has grown 100x in the last one year and has become a great example of a modern B2B commerce marketplace that leverages technology to make business more convenient—in a very complex vertical, that is packaging.”
Ranjith Menon, Executive Director, IDG Ventures India, added,
“With over 28,000 vendors in India the supply chain is extremely fragmented. IDGVI is very excited to partner with this team to build the largest platform for packaging materials in the country.”
The raised funds will be used to expand their seller base and serve pan-India demand in a better fashion.
The company, founded last year by IIT Bombay and IIT Delhi alumni, had received a seed round of funding from Accel in October last year.