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Startups

India packaging marketplace to raise $15m from B Capital, IFC

Bizongo's valuation to stand at over $95m

Screenshot of Bizongo website.

NEW DELHI -- Bizongo, a business-to-business marketplace for packaging materials, is raising $15 million from existing investors, including global technology fund B Capital and International Finance Corp.

The funding is expected to be part of the company's Series C round, which may also see participation from Accel and Chiratae Ventures. The company's valuation post this round stands at over $95 million.

According to the company's filings with the Registrar of Companies sourced by paper.vc, both B Capital and IFC have subscribed to 1,198 compulsorily convertible preference shares of Bizongo at a premium of Rs 1.72 lakh ($2,493) per share. The pair have together invested about Rs 41.25 crore ($5.9 million) in the round.

The filings, however, did not mention the amount being contributed by other investors.

Bizongo, which is operated by Smartpaddle Technology, raised $22 million in a funding round led by B Capital in May last year. The round also saw participation from IFC, Accel Partners and IDG Ventures.

Started by three graduates of the Indian Institute of Technology - Ankit Tomar, Aniket Deb and Sachin Agrawal -- in April 2015, Bizongo provides one-stop-shop packaging solutions to midsize and large companies. The company curates, on-boards and provides access to small and midsize packaging materials manufacturers across India.

It has warehouses in three cities - Mumbai, Bangalore and New Delhi - through which it services customers across the country.

DealStreetAsia is a financial news site based in Singapore that focuses on corporate investment activity in Southeast Asia and India. Nikkei recently announced the acquisition of a majority stake in the company.

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