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In Growth Push, Bizongo Bolsters Its Raw Material & Supply Chain Finance Verticals’ Leadership With New CEOs
Inc42
·
10m ago
Medial
Bizongo has made some significant leadership changes, appointing Kiran Dev as the CEO of BizongoFin and Prahlad Krishnamurthi as the CEO of BizongoBuy. The company has also added new executives to their leadership team in the roles of chief technology officer, product officer, and chief financial officer. However, the company's consolidated net loss has more than doubled to INR 291.6 Cr in FY23.
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Bizongo carves out BizongoFin and BizongoBuy as new businesses
YourStory
·
10m ago
Medial
B2B ecommerce platform Bizongo has announced the separation of its raw material marketplace BizongoBuy and its supply chain finance platform BizongoFin into separate businesses. Each new business will be led by a new CEO, with Kiran Dev leading BizongoFin and Prahlad Krishnamurthi leading BizongoBuy. Bizongo aims to leverage these changes to focus on its ecommerce and embedded financing platforms for small and medium enterprises. The Mumbai-based company has raised $205 million in funding and is currently valued at $945 million.
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Bizongo appoints CEOs, CTPO and CFO for new verticals
Entrackr
·
10m ago
Medial
E-commerce-focused packaging company Bizongo is ramping up the top deck of its raw material marketplace BizongoBuy and embedded supply chain finance platform BizongoFin with new chief executive officers (CEOs). The group has also appointed chief technology and product officer (CTPO) and chief financial officer (CFO), strengthening its senior leadership. Ex-banker Kiran Dev has been named CEO to lead BizongoFin, the fintech arm specializing in embedded supply chain financing solutions to address the $300 billion unmet SME credit needs. Prahlad Krishnamurthi has joined as the CEO to lead BizongoBuy, the integrated B2B marketplace for SMEs to buy raw materials. Last week, Krishnamurthi stepped down from the post of Cleartrip’s chief business officer (CBO). In addition, Gaurav Singhania has been appointed as the group’s Chief Financial Officer. The firm has also roped in Amol Wanjari as the group’s CTPO. He will draw on his leadership experience at Amazon and Acko to deliver an e-commerce-like experience to Indian SMEs through Bizongo’s digital platforms. In October last year, Bizongo had raised $50 million in its Series E funding round led by existing investor Schroder Adveq. Soon after the fundraise, it also acquired FactoryPlus, a digitisation app for MSME factories. Bizongo’s revenue from operations grew 98.6% to Rs 166.86 crore in FY23 while its losses spiked 173.1% to Rs 291.57 crore during the same period. Its FY24 numbers are yet to be disclosed.
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Tiger Global-backed Bizongo beefs up top deck with former AmEx, Amazon Pay execs
VCCircle
·
10m ago
Medial
Bizongo, a B2B platform backed by Tiger Global, has made several new appointments to its leadership team. Former American Express executive Gaurav Singhania has been named as the Chief Financial Officer, while ex-Amazon Pay executive Amol Wanjari has been appointed as the Chief Technology and Product Officer. The announcement comes amidst reports of a complaint filed by Bizongo against an employee for misappropriation of funds, leading to the departure of the company's CFO. Additionally, Bizongo is expanding two of its business verticals, with Kiran Dev becoming the CEO of BizongoFin, the supply chain financing arm, and Prahlad Krishnamurthi taking over as CEO of BizongoBuy, a marketplace for small and medium businesses to purchase raw materials. The company recently raised $50 million in its Series E funding round, valuing it at approximately $980 million.
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TradeCred files criminal complaint against Bizongo, alleges Rs 69 crore fund misappropriation - The Economic Times
Economic Times
·
1m ago
Medial
TradeCred has filed a criminal complaint against Bizongo, its executives, and investors, alleging Rs 69 crore misappropriation in funds. The complaint, filed with Mumbai Police's Economic Offences Wing, accuses Bizongo of double recovery by collecting payments directly rather than through required escrow accounts, violating contractual agreements. While Bizongo denies wrongdoing, claiming repayments were made correctly, TradeCred seeks to convert the claim into equity. Bizongo shifted focus from supply chain finance post-allegations.
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Bizongo unveils mobile app ‘Next by Bizongo’ for sourcing and business financing needs of MSMEs
IndianStartupNews
·
1y ago
Medial
Bizongo has launched 'Next by Bizongo', a mobile app aimed at providing business financing solutions to MSMEs, SMEs, and larger enterprises. The app offers a range of financial services, including supply chain finance, business loans, and factoring among others. It intends to facilitate over $3 billion in disbursements within the next four years. The app also benefits banks and financial institutions by streamlining their loan processes and providing access to credible business transaction data. In addition, Bizongo plans to introduce a consolidated platform for all commodities-related needs in the future.
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Bizongo Joins Hands With NALCO To Boost Digital Distribution Of Aluminium Products
Inc42
·
9m ago
Medial
Bizongo has partnered with NALCO to distribute its non-ferrous products through its B2B marketplace, BizongoBuy. The platform has seen impressive monthly distribution numbers in the first quarter of its annual bid process. Additionally, Bizongo will also provide financing options through BizongoFin. This collaboration follows Bizongo's recent restructuring of its business into two verticals and the appointment of new leadership.
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Tiger Global-funded Bizongo raises $50 Mn in Series E
Entrackr
·
1y ago
Medial
Bizongo, an e-commerce focused packaging company, has raised $50 million in a Series E funding round led by existing investor Schroder Adveq. The funding, which values the startup at $980 million, comes after a gap of over a year. Bizongo offers vendor management, supply chain automation, and supply chain financing services to its enterprise customers. The company aims to post a profit before tax in the fiscal year ending March 2024.
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JSW One Platforms gets $1 bn valuation in new funding round
VCCircle
·
2m ago
Medial
JSW One Platforms Ltd, a B2B digital marketplace for industrial material procurement, has raised Rs 340 crore ($40 million) in a funding round that values the company at around $1 billion. Investors include Principal Asset Management, OneUp, and JSW Steel. The funds will help expand service networks, scale the brand and finance arm, and invest in technology and logistics. The company aims to strengthen its supply chain leadership and enhance its offerings for MSMEs.
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Bizongo lays off about 50 staffers after closing $50 million round
Economic Times
·
1y ago
Medial
Bizongo, a business-to-business vendor-digitisation platform, has laid off around 50 employees, accounting for about 15% of its workforce, following a funding round of $50 million. The Mumbai-based startup, which offers vendor management and supply-chain automation services, made the decision to drive sharper focus on key business priorities. The funding round, led by existing investors, valued Bizongo at $980 million. The company aims to improve its performance and restructure itself as it seeks profitability.
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Bizongo lays off 15% employees shortly after announcing $50 Mn fundraise
Entrackr
·
1y ago
Medial
E-commerce packaging company Bizongo has laid off 15% of its workforce, approximately 50 employees, shortly after securing $50 million in funding. This is the second round of layoffs for the company, with the first occurring in June 2020. Bizongo offers digital vendor management and supply chain services to its enterprise customers. The company aims to achieve profitability by FY24. The layoff comes amidst a challenging time for the Indian startup ecosystem, with over 15,000 job cuts reported in the first nine months of the year.
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