Bengaluru : Business-to-business vendor-digitisation platform Bizongo raised about $50 million from its existing investors in a Series-E funding round led by Schroder Adveq, a Zurich-based private equity firm.
The money was raised at a valuation of $980 million, 63% higher compared with the previous round of funding in August 2022, cofounder and chief executive Sachin Agrawal told ET.
Other participating investors included International Finance Corp, Chiratae Ventures, B Capital and British International Investment, he said.
The company, he said, is aiming to post a profit before tax in the fiscal year ending March 2024.
It is currently in advanced discussions on an acquisition, said Agrawal, without sharing specific details. In 2022, Bizongo had acquired two companies: Hexa and Clean Slate Technologies.
The Tiger Global-backed company was founded in 2015 by IIT graduates Agrawal, Aniket Deb and Ankit Tomar. It offers software-based vendor management and supplychain automation and financing. Over the years, Bizongo has changed its focus on various segments of vendor digitisation, from packaging, textiles and apparel to contract manufacturing.
Currently, the company derives half its revenue by consolidating raw material and purchasing workflows for small and mediumsized vendors and the other half by providing unsecured financing to the same vendors. It has partnerships with more than 40 banks and non-bank financial companies to arrange loans for the vendors.
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