What is Bizongo?
Co-founded in November 2014 by Aniket Deb, Sachin Agrawal and Ankit Tomar, 3 former graduates from IIT Bombay and IIT Delhi, Bizongo is a B2B marketplace catering to the Chemicals and Plastics industry verticals.
The company holds a vision to orchestrate and bring into recognition the highly fragmented Chemicals/Plastics industries in India, and render a seamless end to end experience to the customers with an innovative product that employs disruptive technologies.
“We provide a clean interface, product tags and search filters and certain other features none of which are being done by any other Indian B2B e commerce player”, maintains the team.
The team spent a good deal of time researching the current market conditions in the Mumbai/Thane region. According to the Co-founders, they spoke to over 700-800 business owners in a span of 3 months and understood pain points of manufacturers and dealers across industries like Industrial Hardware, Electronics, Chemicals, Renewable Energy etc. They wanted to plug these loopholes with their vision and thus, Bizongo was born.
What is the company’s focus?
Bizongo’s key focus areas include- objective specifications for product categories listed on its website which provide the buyer with optimum amount of information and aids in his/her decision making process.
Also, the company aims at providing a one stop communication tool on the platform.
Its live chat platform and quotation generator is a step forward towards achieving this goal.
What Issues is it addressing?
Relevant buyers are not being able to connect to the correct products because of the lack of critical information. Bizongo has captured the nuances of product listings and thus, the leads which go on to our registered suppliers through the platform have greater chances of getting converted into deals.
Also right now business communication happens through different mediums like Whatsapp, Email, Chat; at Bizongo they look forward to build a tool where a buyer and a seller can interact and share quotations ‘on the go’ which would enhance efficiency and economize the interaction process between the stakeholders.
How do they operate?
The company operates out of its office situated at Hiranandani, in the Powai area of Mumbai. Its Business Development team employs feet on street to currently registered suppliers on the platform. They further go ahead and obtain the product brochures and real photographs. It generates demand on the platform through contacting buyers and also through online marketing.
How is the market response? What are the common challenges that you face? What is your take on the Government policies?
“We launched our web platform on April 20th and since the response has been absolutely overwhelming; the website receives 500+ hits on a daily basis and we have been getting product inquiries from all over the country.
The challenges are to generate even higher amount of demand and keep on innovating on various marketing and sales channels.
The Maharashtra/Gujarat region where we plan to base our business out of, is home to about 70 % of Chemicals OEMs and Dealers. The huge amount of untapped potential in this fragmented market and the prodigious 170 Bn $ volume motivates us to work towards capturing a chunk of it.
Pro-business policies by the Central Government actually boosts our confidence; initiatives like Make in India and GST would increase the volume of domestic trade and Bizongo wants to play a major part in this economic boom”, states Aniket.
How is the market competition?
Bizongo aims to develop expertise across a few product categories in Chemicals/Plastics before laterally expanding to other segments. As claimed by the company, no one currently is looking into the untapped potential that exists in this space, the opportunity is clear someone needs to come and bridge the gap. It’s competitors like IndustryBuying and Tolexo are vying for supremacy across categories like Machinery and Industrial tools and also they don’t function as a communication channel between a buyer and a seller. The company believes, it’s tough to build a long term engagement between a buyer and a seller through the current process prevalent on other platforms.
How does it monetize?
Bizongo plans to levy a subscription charge on the supplier to list their products on the platform. Further, once it is able to provide trade assurance to the buyer it wants to start charging a small commission cut from the entire deal size.
“We have bootstrapped ourselves till now. We spent our own resources in team building and shipping out our product to build an initial traction base. We would want to scale fast and capture a high amount of market share and precisely for this purpose we would be raising funds within a short span of time,” maintains Aniket.Category Startups