Bizongo, a business-to-business (B2B) marketplace, widened its net loss in the last financial year as a surge in expenses offset an over fivefold jump in revenue.
The Tiger Global-backed startup posted a net loss of ₹100 crores in the year ended March, compared to ₹86 crore in FY21.
Operating revenue grew to ₹1,711 crores from ₹315 crores, showing the company’s latest filings with the Registrar of Companies. Expenses rose over 4.5 times to ₹1820 crore from ₹404 crores.
Bizongo is targeting a three to fourfold growth in revenue this financial year, co-founder Aniket Deb said in an interview.
“As small businesses become more digital savvy, thanks to the widespread proliferation of smartphones and cheaper access to data, corporates sourcing unbranded goods like apparel, textile, Agri products, specialty chemicals, and packaging will expedite digitization of their vendor management and supply chain,” he added.
VCCircle reported in October that the e-commerce and supply chain enablement platform is looking to raise $100-150 million as part of its Series E round at a unicorn valuation.
It operates as a B2B SaaS (software-as-a-service) platform for packaging materials.
“We have always had a sharp focus on achieving positive unit economics. Bizongo has been Ebitda (earnings before interest, taxes, depreciation, and amortization) positive since September 2021 thanks to the efforts of our people in following sustainable business practices and to our technology-powered asset-light model
It currently has three key product lines spanning digital automation, supply chain financing, and a cloud-factory platform.
The startup offers boxes, containers, pouches, and bags for industries such as food and hospitality, consumer goods, and retail.
