Business-to-business supply chain enablement firm Bizongo said today it has raised $110 million in a funding round led by New York-based Tiger Global, bringing its valuation to the $600 million mark.

New investors CDC and IFC EAF also participated in the round, along with previous backers B Capital, Chiratae Ventures, Schroder Adveq, IFC and Add Ventures by SCG.

At a time when most of the world is struggling with pandemic-induced supply chain challenges, there exists a viable opportunity for anyone who can help to solve those problems. That’s what Mumbai-based Bizongo, officially known as Smartpaddle Technology Pvt. Ltd., is trying to do.

With its platform, Bizongo helps businesses to design, develop and procure packaging products. The three-year-old startup offers packaging solutions for everything from retail to fast moving consumer goods, to hospitality and medical and pharmaceutical products.

The company has recently expanded its horizons too, launching an online bidding platform for real-time seller and price discovery, claiming to be a global first in customized goods such as packaging, textiles and apparels. In addition, the company offers digital supply chain financing to Indian customers through its banking partners.

In addition to today’s funding, Bizongo also announced a new product today. It’s launching a “cloud factory” that it says is powered by “internet of things” devices. It’s a software-as-a-service-based solution that Bizongo says will help manufacturers provide customers with real-time visibility, control and intelligence across the entire supply chain. The platform has already been successfully piloted by the pharmaceutical packaging maker Ansapack Ltd.

Since the pandemic has emerged, Bizongo says its revenue has grown by eight times, off an undisclosed base, and that its annual recurring revenue exceeded $250 million in November. Altogether, it boasts more than 135 enterprise customers spread across industries including fashion, pharmaceuticals, consumer discretionary, consumer staples, home and personal care. Its network, meanwhile, has grown to cover more than 3,000 factories across India and elsewhere.

Bizongo co-founder and Chief Operating Officer Sachin Agrawal said there remains a lot of untapped potential for Indian businesses to leverage technology to grow and thrive. Moreover, he’s confident his company can tap into that potential.

“Bizongo offers solutions across digital vendor management, supply chain automation and supply chain financing to its enterprise customers,” he said. “We are now fully geared to sustainably grow the business by at least 300% year-on-year from here on.”

The company plans to use today’s funding to boost its business and technology teams and develop more digital services. It’s also planning to transform more than 100 of its partner’s factories into “cloud factories” with its new software.

Image: Bizongo