Accel seed funds industrial goods marketplace Bizongo
Bizongo, a B2B marketplace for industrial goods, has raised an undisclosed amount in seed funding from Accel Partners.
The Mumbai-based startup will use the money to build a unified platform for businesses in the plastics, chemicals and packaging industries to buy & sell products/ raw materials, as per a statement.
"Bizongo is launching a mobile application for suppliers to help them manage inventory, prices, inquiries, orders and live chat with potential buyers. We are also streamlining our logistics services to cater to wider geographies and achieve cost optimization through demand aggregation," Aniket Deb, co-founder of Smartpaddle Technology Pvt Ltd, which runs Bizongo, said.
Started in April by alumni of IIT Delhi and IIT Bombay, the startup claims to have served over 2,000 customers. The chemicals, plastics and packaging industries in India are collectively worth $170 billion, Bizongo said.
Bizongo competes with the likes of Industrybuying, Tolexo, BazarA2Z, Alliedhunt and other tech startups. In September, Industrybuying secured Rs 60 crore ($9 million) in a Series B funding round from Kalaari Capital, existing investor SAIF Partners and Teruhide Sato's Beenext.
Globally, Amazon launched its wholesale e-com property AmazonSupply three years ago. This came two years after Alibaba launched a new site for B2B e-com under 1688.com.
US-based Accel Partners, active in India since 2005, has backed marquee names such as Flipkart, Mu Sigma and BookMyShow among others.
Accel provides seed and early stage capital to companies in sectors such as infrastructure, technology, internet and consumer services, mobile, software and cloud-enabled services, media, life sciences and consumer products. It recently raised $305 million for a new India-focused fund.