 "Online marketplace for industrial supplies Bizongo raises seed funding")
Mumbai-based online B2B marketplace for industrial goods and supplies Bizongo has raised an undisclosed amount of seed funding from Accel Partners.
The startup which has already served over 2,000 customers, is building a platform for business to buy and sell, products and raw materials online.
Bizongo wants to disrupt the $170 billion market for chemicals, plastics and packaging in India and plans to use the raised capital to launch an app for suppliers to manage orders and also grow its logistics service to grow its footprint.
Globally, Chinese e-commerce giant Alibaba has built the most successful B2B marketplace, but while the company is investing in its growth in India, it's currently restricted mostly to the B2C space.
Amazon too has AmazonSupply which is a wholesale e-commerce space. As smartphone penetration grows in India, entrepreneurs are looking to capitalise on the largely untapped and unorganised B2B market for industrial supplies.
"B2B commerce is complex - finding the right suppliers is a hard problem. Bizongo is solving this problem by creating a marketplace where discovery and transactions can happen with trust and ease - we believe Bizongo is the right team for this market," said Mahendran Balachandran, Partner, Accel Partners.
The startup which has already served over 2,000 customers, is building a platform for business to buy and sell, products and raw materials online.
Bizongo wants to disrupt the $170 billion market for chemicals, plastics and packaging in India and plans to use the raised capital to launch an app for suppliers to manage orders and also grow its logistics service to grow its footprint.
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There have been a slew of startups entering online industrial goods and supplies space such as Industrybuying, Tolexo, etc. Most notably, Industrybuying in September secured $9 million in Series B funding led by Kalaari Capital.
Globally, Chinese e-commerce giant Alibaba has built the most successful B2B marketplace, but while the company is investing in its growth in India, it's currently restricted mostly to the B2C space.
Amazon too has AmazonSupply which is a wholesale e-commerce space. As smartphone penetration grows in India, entrepreneurs are looking to capitalise on the largely untapped and unorganised B2B market for industrial supplies.
"B2B commerce is complex - finding the right suppliers is a hard problem. Bizongo is solving this problem by creating a marketplace where discovery and transactions can happen with trust and ease - we believe Bizongo is the right team for this market," said Mahendran Balachandran, Partner, Accel Partners.