Bizongo, a business-to-business platform for made-to-order goods, has completed a $51-million fresh funding exercise, with investments from British government’s development finance body CDC and Thailand-based Addventures, a corporate arm of SCG, the company said in a statement. Commitments from the two new investors are the second tranche of the $51-million series-C funding efforts. The official statement added that other investors who participated in the first tranche included Schroder Adveq, Bruno Raschle, and existing investors Accel, Chiratae and IFC.
Apart from the equity investments, the company has also raised debt from Strides, Trifecta Capital, Tradecred, and IDFC First Bank, Bizongo said.
“Through this, it has created a solid foundation to further accelerate the growth and consolidate their market leadership in such a largely untapped market,” Addventures Managing Director Prakit Worawattananon was quoted as saying in the statement.
Co-founder and Chief Operating Officer Sachin Agrawal added that it now plans to extend modular digital service offerings to more product lines such as apparels and textiles in the made-to-order segment, after the latest funding round.
The company’s co-founder and Chief Technology Officer Ankit Tomar said the operation is scalable because it enables businesses with services across digital vendor management, supply chain automation, and supply chain financing in an asset-light operating model.