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Tech-enabled B2B e-commerce platform for customized goods, Bizongo is set to turn profitable as it achieves $150 million in annualized revenue.
The company’s topline grew by 5X as compared to its pre-pandemic levels. Bizongo aims to clock $500 million annualized revenue by FY22-23.
The remarkable growth comes on the back of Bizongo offering its proprietary platform for replenishing and supplying more than 10 million Personal Protective Equipment (PPE) for healthcare workers and launching a new vertical in textiles and apparel, which contributes 40 percent to the overall business.
The packaging business noted a 240 percent growth with increased demand from healthcare, consumer staples, and discretionary industries.
Speaking on the forecast, Sachin Agrawal, Co-founder, Bizongo said, “From early on in our journey, positive unit economics has been a testimony of the successful business model that we have created. Over the last couple of years, Bizongo has made its operating model inventory-free as it further strengthens the capital efficiency of the business. As a co-founder, I am extremely proud that the team has demonstrated tremendous grit and resilience through the past year and is now inches away from EBITDA profitability.”
“The company also plans to hire an additional workforce of 50-60 people in the next few months across tech, sales, finance, and customer success,” Bizongo added.
Talking on the development, Ranjith Menon, Partner and Executive Director at Chiratae Ventures said, “The full-stack approach with an asset-light operating model is what makes it truly scalable for Bizongo. In addition, the company has generated positive cash flow from operations for the past three-quarters, a feat rarely achieved in the B2B e-commerce space. With all this, Bizongo has created a solid foundation to accelerate growth further and consolidate its market leadership in such a large and untapped market.”
Backed by Schroder Adveq, CDC Investment, AddVentures, Chiratae Ventures, B Capital Group, IFC, and Accel. Bizongo recently closed its Series C funding of $51 million and appointed Manish Choksi, Vice Chairman, Asian Paints, as a Board Advisor to build digitally integrated global supply chains and drive market expansion.