Bizongo, the India-based operator of an online marketplace for product packaging, has completed a $51m series C round that included building materials provider Siam Cement Group (SCG), Entrepreneur reported yesterday.
The $21m second tranche of the round was co-led by SCG’s corporate venturing arm, AddVentures-SCG, and UK government-backed development finance organisation CDC.
Asset manager Schroder Adveq led the $30m first close in January 2020, with participation from B Capital, Accel, Chiratae Ventures, the International Finance Corporation (IFC), Schroder Adveq founder Bruno Raschle and debt financing from Strides, Trifecta Capital, TradeCred and IDFC First Bank.
Founded in 2015, Bizongo operates an online platform where businesses in the made-to-order goods segment can source packaging services. It also provides other digital services to support vendor management, supply chain automation and supply chain finance.
IFC, Accel, Chiratae Ventures and Schroeder Adveq backed a $9.3m funding round for the company in January this year. It had previously raised $22m of series B funding from B Capital, IFC, Accel and Chiratae Ventures (then IDG Ventures India) in 2018.
Accel had previously joined IDG Ventures India to provide $3m of series A funding for Bizongo in 2016, having supplied an undisclosed amount of seed capital the year before.