India-based packaging supplier Bizongo has acquired $30m in Series C funding to expand its operations throughout the country.
The company acts as an auto-replenishing supplier, minimising the need for storage on site. It also offers a marketplace for packaging manufacturers to sell their goods and an online artwork management system.
The funding came from Swiss hedge fund Schroder Adveq, as well as existing investors B Capital, Accel, Chiratae Ventures and IFC.
Bizongo’s CEO and co-founder Aniket Deb said: “Bizongo has witnessed a significant improvement in operating metrics since the last round of financing and the current round will further help us grow the business in a sustainable way.
“The funds will be deployed to ramp up technology, expand into newer sectors like pharma packaging, and increase Bizongo’s penetration across India.”
The company launched in 2015 as a start-up by three graduates. In 2018, it secured $20m in Series B funding.
Co-founder and COO Sachin Agarwal said: “Through a technology-based solution, Bizongo has created a unique value proposition in this industry which promises 100% availability of packaging material and no-stock-outs at very low inventory.
“This helps clients to reduce their packaging material procurement cost by 2-5% and at the same time ensures better production planning for our supply partners. This creates a strong value proposition for all stakeholders across the value chain,” he added.
The company said in its statement it had “already raised the bar of on-time in-full deliveries from 40% to 90% in the industry”.
It works with over 750 manufacturers across India and brands such as conglomerate Carnival Group and food producers Bunge.