Bizongo, a platform for digitising vendor relationships between businesses, secured $50 million at a valuation of $980 million from its current investors as part of a Series-E funding round that was headed by Zurich-based private equity company Schroder Adveq.
British International Investment, International Finance Corp, Chiratae Ventures, and B Capital also took part in the financing round, as reported by The Economic Times.
“We have reduced our dependence on apparel as a sector quite a lot. It was becoming a sizeable portion. But we wanted to diversify and get into more core industries, so we entered new areas and expanded,” cofounder and chief executive Sachin Agrawal told ET.
The Bizongo platform has an embedded ecosystem with more than 450 brands and businesses from various industries, a sizable vendor network with more than 7500 companies, and more than 30 financial institutions.
By providing financial institutions with access to deep intelligence on transactional data, Bizongo helps them to make better financing decisions.
IIT graduates Agrawal, Aniket Deb, and Ankit Tomar founded the Tiger Global-backed Bizongo in 2015.
Bizongo is a vendor digitization and embedded financing platform powered by AI that aids in the scalable growth of businesses and brands. The only transaction-first platform with integrated vendor and financial institution ecosystems is this one.