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Sachin Agrawal hails from Shikhar, Rajasthan and belongs to a family of academics and civil servants. Aniket is a technologist at heart and has always wanted to create something that has a large-scale impact and is sustainable and long-lasting. Ankit loves building products and after working professionally for a short time, he wanted to pursue his passion as an entrepreneur. All of Bizongo’s co-founders own a 15.66% stake, the majority of which is held by global fund companies including Tiger Global, B Capital Group, and Trifecta Group, apart from angel investors and ESOPs. are doing.
As founders, they have always been passionate about empowering small and medium-sized businesses with technology solutions, simplifying their operations, and ultimately helping them realize their business aspirations. “Inspired by the revolution that Alibaba brought to China, we too were keen to bring similar opportunities for small and medium-sized enterprises to participate in India’s larger digital era. I have always believed that small and medium-sized enterprises can make a big difference in the socio-economic landscape through digital management. Sachin, who worked at Gravitas as a manager and advised one of the world’s largest alternative industry companies on a portfolio of credit hedge funds worth more than $15 billion. The United States before Bizongo was established.
Back in 2017, when this trio took to the stage live, they began transforming the packaging industry. By offering his innovative SaaS services applicable to any industry, he has gradually expanded into consumer staples, consumer products, home & personal care, pharmaceuticals, e-commerce/retail, and supply chain. . In that sense, the bespoke industry is a sea of opportunity as more industries accelerate their digital transformation. Currently, the company serves more than 500 corporate customers in steel, aluminum and other metals, e-commerce, retail, FMCG, auto accessories, pharmaceuticals, textiles, and apparel, with 8,000 We have a network of more than 100 partner manufacturers. We also work with over 30 financial institutions to supply chain finance to our partner MSMEs.
2023 was a challenging but transformative year of significant achievements, overcoming major obstacles, and charting new paths. Despite a long fundraising winter, Bizongo has raised $50 million from existing investors in a Series E funding round led by Schroder Adveq. Other participating investors include International Finance Corp, Chiratae Ventures, B Capital and British International Investment. This funding brings the company’s valuation to $980 million, reflecting a significant 63% increase from its previous round in August 2022.
But the path to this milestone was not without hurdles. The funding landscape has also changed, reflecting broader changes in the startup ecosystem. Along the way, unforeseen challenges emerged, including the failure of Silicon Valley Bank and the subsequent withdrawal of potential funding sources.
Amid these challenges, Bizongo has demonstrated resilience and adaptability. “We generated free cash flow of Rs 500 crore in FY23, which is a testament to our financial discipline and operational efficiency. Our focus on operational metrics and sustainable growth, even at the expense of rapid expansion. Bizongo’s strategic decision to establish a long-term, ongoing commitment demonstrates a long-term, ongoing commitment.” Additionally, Bizongo has adopted a rigorous audit process involving all four major audit firms: EY, Pwc, Deloitte, and KPMG. This move adds another layer to our financial structure and aligns with our startup’s goal of becoming IPO-ready over the next three years. -5 years,” Sachin added.
Currently, Bizongo has been profitable at the EBIDTA level for the past two years. With a solid business foundation, the company is working toward making PBT profitable by the end of its March 24 financial year.
fact sheet
- Number of co-founders: 3
- Number of employees: 330 people
- Company establishment year: 2015
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