Industrial Goods Marketplace Bizongo Raises Seed Funding from Accel Partners

Bizongo has raised an undisclosed amount of funding from Accel Partners - Shown Above - Bizongo Co-Founders, Image Credit: Facebook

Bizongo has raised an undisclosed amount of funding from Accel Partners – Shown Above – Bizongo Co-Founders, Image Credit: Facebook

Mumbai-based a B2B marketplace for industrial goods, Bizongo has raised an undisclosed amount of funding from Accel Partners to build a unified platform for businesses in the plastics, chemicals and packaging industries to buy & sell products/ raw materials. The startup is catering to the chemicals, plastics and packaging industry segments, that are collectively worth $170 billion in India. It claims to have served over 2,000 customers.

Started by three former IITians, Ankit Tomar, Aniket Deb and Sachin Agrawal in October 2014, Bizongo is focusing on expanding its team size in sales and marketing domains. It is building a single platform for businesses to buy and sell, products and raw materials. The company is owns and operated by Smartpaddle Technology Pvt Ltd.

Talking about their investment plans, Aniket Deb said, “Bizongo is launching a mobile application for suppliers to help them manage inventory, prices, inquiries, orders and live chat with potential buyers. We are also streamlining our logistics services to cater to wider geographies and achieve cost optimization through demand aggregation,”

In March this year, Accel Partners launched an India-focused fund – Accel India IV for $305 million to make investments in consumer, enterprise software, mobile and healthcare businesses.

The startup competes with Industrybuying, Tolexo, BazarA2Z and Alliedhunt among others. In September 2015, Industrybuying.com raised an amount of $9 million (Rs.60 crore) in Series B round of funding from Kalaari Capital, Teruhide Sato’s Beenext and SAIF Partners. The market of B2B eCommerce is largely untapped with even a fewer players selling heavy duty industrial products. Indiamart is one of the biggest and oldest players in this space, which also operates Tolexo. Startups like Bizongo are creating additional options for the buyers who want the ease of ordering niche goods online.

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