Accel and IFC-backed B2B ecommerce platform Bizongo has delivered over 1 lakh tonne of raw materials and enabled ₹14,000 cr in invoice financing.

The B2B e-commerce marketplace has brought traders, suppliers, and distributors into the mainstream e-commerce ecosystem.

The successful trinity of commerce, finance and logistics, which has played out in the B2C ecommerce industry, is now expected to hit the B2B ecommerce sector in a big way, said the company.

However, SME manufacturers in India still struggle to procure the raw materials in a cost-efficient manner, which significantly impacts their competitive advantage.

Further, SMEs face over $300 billion in unmet credit needs due to limited asset holdings and thin credit profiles.

Sachin Agrawal, Co-founder and CEO, Bizongo said the recent business expansion strategy revolves around the “golden triangle” of commerce, financing and logistics.

“By combining these three pillars, we are driving innovation, enhancing the user experience and fuelling growth in B2B commerce, finance, and logistics to meet the diverse needs of the country’s SMEs,” he added.

BizongoBuy, the B2B marketplace enables SMEs to procure raw materials at best prices and streamline their operations. Having partnered with large steel and aluminium suppliers to distribute raw materials in bulk, the platform has distributed over 1 lakh metric tons of raw materials to more than 100 SMEs across India.

BizongoFin, the finance arm, has flow-based enabled invoice financing worth ₹14,000 crore by providing speedy access to embedded financing solutions through a platform with multiple financial institutions. BizongoShip, the logistics arm ensures timely deliveries and efficient supply chain management, crucial for smooth business operations.

By entering into strategic partnerships with various vendors, BizongoBuy passes on negotiated discounts to customers and reduces the cost of procurement by 0.25 per cent to 0.3 per cent.

Meanwhile, BizongoFin has delivered a 0.5-3 per cent reduction in cost of credit for businesses by providing tech-enabled credit access through multiple financial institutions.

The end-to-end automated customer onboarding journey has also resulted in bringing down the complete turnaround time from application to disbursal, down by half, said the company.

The company has added new leaders to strengthen the focus on making business operations more efficient and accessible through the ‘Business On the Go’ (Bizongo) approach.

The new leaders bring deep expertise in financial management, which will play a pivotal role in further solidifying Bizongo’s financial processes and controls in preparation for a potential IPO, said the CEO.

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