Bizongo announces impending profitability

(L-R) Sachin Agrawal, co-founder and main operating officer, Aniket Deb, co-founder and chief executive officer, Ankit Tomar, co-founder and primary technology officer

Bizongo , a B2B market and supply chain enablement platform for customized appurtenances, announced that the company has turned profitable while reporting positive EBITDA numbers in September 2021. The Series C technology platform has grown four times since the start of the year and already surpassed Usa$200 million in annualized revenue.

The B2B market has witnessed exponential business growth in their customer segments across fashion and lifestyle, attributable to the demand for digitization of the complete supply chain of customized goods.

Bizongo'southward business model is rooted in maintaining positive unit of measurement economics and generating complimentary cash flow, which has spiraled the technology business firm to accomplish profitability and become a marketplace leader in the customized appurtenances categories such every bit packaging, textiles, wearing apparel, and other contract manufactured goods.

The company's average contract value is Usa$2.4 million, three times more than as compared to the same menses last yr. On average, the business has boarded more than ten mid to large-sized enterprise customers every month since the pandemic.

While the technology firm primarily draws its revenue from Indian customers, it has already started seeing early success in Bangladesh, Thailand, Middle East, and the UK, where information technology is working with customers in the healthcare and mode industry. Bizongo's international foray is led past its vision to become a global B2B eCommerce leader.

Ahead of a buoyant festive and wedding ceremony flavour starting with Navratri this calendar week, Bizongo is expecting to impact US$300 million in annualized acquirement by the end of the financial year.

During the festive flavour, particularly mid to large businesses discover information technology difficult to expand and scale their supply chains in the wake of ascent need. Inventory management challenges similar stock outs and overstocking are commonly faced by businesses and directly bear on their tiptop-line, lesser-line, and cash flows.

Bizongo offering a total-stack cloud platform

Bizongo offers a total-stack cloud platform to digitize the vendor base in no time, automate supply chain management and facilitate faster admission to working majuscule for customers' suppliers.

Bizongo co-founder and chief engineering officer Ankit Tomar said, "Our value proposition to digitally transform vendor management and automate complex supply bondage has helped several mid to large size enterprises ameliorate operational efficiency. A razor-sharp focus on maintaining loftier customer satisfaction has accelerated our wallet share among existing customers and brought incremental clientele through word of mouth and referrals. With the pent-upward festive need, the company envisages crossing at least Us$300mn in annualized revenue by the end of this financial year."

Ruchira Shukla , regional lead, South Asia, International Finance Corporation and an early backer of Bizongo, said, "Bizongo'south tech-kickoff, asset-light, and majuscule-efficient business model is helping India'due south fragmented base of operations of MSME and SME manufacturers manage their unabridged business on Bizongo's cloud platform and become access to collateral-gratis digital working capital solutions. With this, Bizongo is truly driving digital transformation in the B2B customized goods segment and emerging equally an undisputed marketplace leader in the space."

Bizongo'south core platforms, Procure Live and Partner Hub, have over 120 enterprise customers and a base of over iii,000 partner factories. Through strong partnerships with over 15 fiscal institutions, the Supply Concatenation Financing (SCF) vertical has candy over INR 200 crore in working capital lines to MSME and SME vendors, registering an 8X growth since last twelvemonth.

The company is backed past IFC, CDC, BCapital, Chiratae, Accel, Schroder Adveq, and AddVentures.

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Source: https://packagingsouthasia.com/supply-chain-function/bizongo-gains-profit/

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