Existing investors such as B Capital and International Finance Corporation (IFC) and CDC have also participated in the fresh funding.
This is the maiden round for the Mumbai-based company in 2021.
Bizongo, an e-commerce packaging company, has raised $110 million [Rs 825 crore] in a Series D round of funding led by Tiger Global. Existing investors such as B Capital, the International Finance Corporation (IFC), and the Canadian Development Corporation (CDC) have also contributed to the new funding.
Tiger Global led the Series D round with a $45 million [Rs 337.5 crore] investment, while B Capital and CDC each contributed $17.5 million [Rs 131.3 crore]. According to the company’s regulatory filings, IFC contributed $15.7 million [Rs 118.12 crore], and Schroder Capital contributed $8 million [Rs 60 crore].
Chiratae Ventures contributed $3.5 million [Rs 26.25 crore], while Bruno E. Raschle, Satyadharma Investments, and Castle Investment each contributed $0.5 million [Rs 3.75 crore]. Add Ventures Capital, which is promoted by SCG, has invested $1.25 million [Rs 9.4 crore] in the Series D round.
This is the Mumbai-based company’s first round in 2021. It raised $51 million [Rs 382.5 crore] in its Series C round a year ago. To date, the company has raised approximately $187 million.
Bizongo primarily sells three items: Procure Live, a proprietary vendor management platform, and Partner Hub, a supply chain digitization and automation product, allow enterprises to manage packing artworks, designs, labels, and compliance.
According to its website, it has over 1,500 manufacturers and 120 clients, with a monthly capacity of 2 million tonnes of material.