B-2-B ecommerce and supply chain platform Bizongo has announced its latest fundraise of USD 110 million in Series D round led by New York-based Tiger Global Management, the company has said in a statement. With the latest round, Bizongo’s valuation has soared to USD 600 million, the company claims.

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The company will deploy the fresh funds in ramping up its business and tech teams to develop a suite of digital services for both sides of the marketplace, the statement said. It will also invest in nurturing its vendor partnerships and transform over 100 factories into true cloud factories through its proprietary solutions, the statement added.

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The series D round had new investments coming from CDC and IFC EAF and saw participation from existing investors BCap, Chiratae Ventures, Schroder Adveq, IFC and Add Ventures by SCG. Manish Choksi, a member of Bizongo’s Advisory Board and the Vice Chairman at Asian Paints, also invested in his personal capacity in the round. 

Bizongo recently launched an online bidding platform for real-time seller and price discovery in the customised goods categories like packaging, textiles and apparels amongst others.

It is also expanding its digital supply chain financing (SCF) platform in partnership with top banks and NBFCs. The SCF platform has enabled early payments worth over Rs 1000 cr to more than 1000 SMEs and MSMEs, the company said. 

The tech-enabled company also launched an IoT powered ‘cloud factory’ for made-to-order goods, it further said in a media release. “This SaaS based solution will enable manufacturers to provide their customers with real-time visibility, control, and intelligence across the entire supply chain. The latest tech innovation has been successfully piloted with leading pharmaceutical packaging manufacturer, Ansapack,” the stamen further said. 

Bizongo has been founded by IIT graduates Aniket Deb, Ankit Tomar and Sachin Agrawal and is digitizing the fragmented B2B segment of made-to-order goods, it claims.

It recorded an 8-times growth in its top line from its pre-pandemic scale clocking an (Annual Recurring Revenue) ARR of USD 250mn in November. Bizongo’s capital efficiency comes from its operating model which is inventory-free, the statement said. 

“Bizongo offers solutions across digital vendor management, supply chain automation and supply chain financing to its enterprise customers. It enables them to digitize their entire vendor ecosystem and build integrated and connected supply chain processes,” Sachin Agrawal, Co-founder at Bizongo said.

“We are now fully geared to sustainably grow the business by at least 300 percent year-on-year from here on,” Agrawal said.

“The market for customized goods is the fastest-growing segment in B2B e-commerce. At a size of $500bn, this market is vast yet highly fragmented and unorganized. We found Bizongo very unique in the way they have been building a transaction-led platform with a tech-first vs a trade-first mindset. The full-stack approach with an asset-light operating model makes Bizongo stand out as a market leader in this segment,” John Curtius, Partner at Tiger Global said.