B2B packaging and textile marketplace Bizongo to raise $109 million in Series D led by the new investor
where International Finance Corporation, Add Ventures, Chiratae Ventures, Castle Investment will also be participating. The hedge fund will be infusing $47 million as part of this round. With this investment, Tiger Global has become the startup's second-largest shareholder, with a fully diluted stake of 8.15%.
Bizongo manages the packaging value chain. It also provides a SaaS-based platform, Artwork Flow, for team artwork management. Deworks and Procure Live are two of its other software products. The company claims to reduce client procurement costs for packaging materials by 2-5%. It competes with Moglix, which is backed by Tiger Global, and Industrybuying, which is backed by SAIF Partners, among others.