Bizongo, an e-commerce-focused packaging company headquartered in Mumbai, has raked in $50 million in its Series E round led by existing backer Schroder Adveq.
Other investors that participated in the round include International Finance Corp, Chiratae Ventures, B Capital, and British International Investment.
According to a report by The Economic Times, the fresh round has pegged the valuation of the company at $980 million.
Bizongo last raised $25 million from Liquidity Group’s Mars Growth Capital in August last year. Prior to that, it scooped up $110 million from Tiger Global in 2021. At that time, the company was valued at $600 million.
Established in 2015, Bizongo focuses on digitising the massively fragmented B2B segment of made-to-order goods. It offers items such as boxes, containers, pouches, and bags for a wide array of industries including food and hospitality, consumer goods, and retail.
With warehouses in Mumbai, Bengaluru, and Delhi, it counts BigBasket, Nykaa, Swiggy, and Delhivery among its clients.
Bizongo is taking some aggressive expansion plans to ramp up its operations and is currently in talks to acquire a company, the ET report stated, quoting its co-founder and chief executive Sachin Agrawal. So far, it has clocked two acquisitions: Hexa and Clean Slate Technologies. Both the deals were announced in 2022.
