Bizongo, a tech-enabled B2B e-commerce platform for customised items, is ready to show worthwhile because it achieves $150 million in annualized income. The corporate’s topline grew by 5X as in comparison with its pre-pandemic ranges. Bizongo goals to clock $500 million annualised income by FY22-23.
The exceptional development comes on the again of Bizongo providing its proprietary platform for replenishing and supplying greater than 10 million Private Protecting Gear (PPE) for healthcare staff and launching a brand new vertical in textiles and attire, which contributes 40 per cent to the general enterprise. The packaging enterprise famous a 240 per cent development with elevated demand from healthcare, shopper staples, and discretionary industries.
“From early on in our journey, optimistic unit economics has been a sworn statement of the profitable enterprise mannequin that we’ve got created,” mentioned Sachin Agrawal, co-founder, Bizongo. “During the last couple of years, Bizongo has made its working mannequin inventory-free because it additional strengthens the capital effectivity of the enterprise. As a co-founder, I’m extraordinarily proud that the crew has demonstrated super grit and resilience by way of the previous 12 months and is now inches away from EBITDA profitability.”
The Collection C firm can be increasing into pharma and healthcare verticals and has began servicing worldwide clients and markets. This development trajectory strengthens the corporate’s imaginative and prescient of turning into a world B2B e-commerce chief within the customised items phase.
The general market measurement of home customised items, starting from packaging, textiles, attire, speciality chemical compounds, and different contract manufactured merchandise, is estimated to be $500 billion, with greater than 10 per cent margin potential for digital aggregators. Presently, the house is fragmented and unorganised, with challenges arising from the upper whole price of possession (TCO), guide processes, offline catalogue and paintings administration, ad-hoc vendor engagement, inaccurate buy planning, excessive stock, lack of gross sales, and delayed funds to vendor companions.
Bizongo brings a tech-first technique towards a trade-first strategy by way of digital vendor administration, provide chain automation, and provide chain financing. The corporate digitally transforms the seller ecosystem and integrates it with buyer’s end-to-end provide chain processes to ship agility and transparency throughout your entire worth chain. This considerably improves the go-to-market pace, prime line, backside line, and operational effectivity of the enterprises.
Bizongo is backed by buyers comparable to Schroder Adveq, CDC Funding, AddVentures, Chiratae Ventures, IFC, Accel and B Capital Group, a enterprise capital agency co-founded by Fb co-founder Eduardo Saverin.
“The total-stack strategy with an asset-light working mannequin is what makes it actually scalable for Bizongo,” mentioned Ranjith Menon, accomplice and govt director at Chiratae Ventures, an investor in Bizongo. “As well as, the corporate has generated optimistic money movement from operations for the previous three-quarters, a feat hardly ever achieved within the B2B e-commerce house.”
With all this, Menon mentioned Bizongo has created a strong basis to speed up development additional and consolidate its market management in such a big and untapped market.
Mumbai-based Bizongo was based in 2015 by IIT graduates, Aniket Deb, Sachin Agrawal, and Ankit Tomar. With a month-to-month provide capability of over 2-million tonnes, the platform has helped ship greater than 860-million packages utilizing its proprietary digital platforms.
Bizongo not too long ago closed its Collection C funding of $51 million and appointed Manish Choksi, Vice Chairman, Asian Paints, as a Board Advisor to construct digitally built-in world provide chains and drive market enlargement.
Bizongo plans to rent an extra workforce of 50-60 individuals within the subsequent few months throughout tech, gross sales, finance, and buyer success. The corporate has partnered with greater than 15 main banks and monetary establishments to facilitate early fee to its buyer’s distributors. It has additionally launched a state-of-the-art dwell worth discovery and bidding platform to supply entry to each clients and distributors within the ecosystem. Bizongo companies greater than 100 enterprise clients in e-commerce, retail, FMCG, auto ancillary, prescribed drugs, textiles, and attire and has a community of over 750 accomplice producers.