B2B startup Bizongo Raises $22 mn fund from Facebook co-founder’s VC firm, others

B2B marketplace for packaging materials, Bizongo has raised $22 million (Rs 146.7 crore) in a Series B round of funding from B Capital and International Finance Corporation (IFC) as well as existing investors Accel Partners and IDG Ventures.

B Capital is the venture capital firm floated by Facebook co-founder Eduardo Saverin while IFC is the private-sector investment arm of the World Bank.

IFC is investing $4.99 million in the company, it said in a disclosure.

Mumbai-based Bizongo, which is owned and operated by Smartpaddle Technology Pvt. Ltd said in a statement that it will use the fresh capital primarily to advance its technological platform and design functions.

Bizongo operates as a B2B technology platform providing one-stop-shop packaging solutions to small and medium enterprises (SMEs) and large companies. The company curates, on-boards and provides access to SME packaging material manufacturers across India.

Founded in 2015 by Aniket Deb along with Ankit Tomar and Sachin Agrawal, all Indian Institute of Technology alumni, the startup currently deals in products such as boxes, containers, pouches and bags, targeting industries such as food & hospitality, FMCG, retail & wholesale and e-commerce.

Bizongo claims to have more than 2,500 registered small and medium enterprises (SMEs). Its clients include Myntra, Tata Cliq, and FirstCry.

The company has warehouses in Mumbai, Bengaluru, and Delhi.