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IFC to invest $5 million in Bizongo, backed by VCs like Accel, IDG Ventures

IFC proposed an equity investment as part of the company's fundraising round, with additional capital being provided by existing investors and new investors, said the World Bank's investment arm

T E Narasimhan  |  Chennai 

Six out of 10 new small finance banks have one investor in common - IFC

(IFC) is planning to invest around $5 million in Smartpaddle Technology (Bizongo). The Company is backed by leading investors like and IDG Ventures.

proposed an equity investment as part of the company’s fundraising round, with additional capital being provided by existing investors and new investors, said the World Bank's investment arm.

can play a counter-cyclical role in the ongoing tough fund-raising environment in India for early-stage companies, especially for looking for Series-B stage funding, said

was founded by Aniket Deb (CEO, ex-Opera Solutions), (COO, ex-Gravitas) and Ankit Tomar (CTO, ex-Microsoft)

The Mumbai-based company operates as a B2B technology platform providing one-stop-shop packaging solutions to medium and large

The company curates, on-boards and provides access to SME packaging material manufacturers across India. The end-to-end platform allows for strong customer and supplier stickiness and unlocks efficiencies in the supply chain.

First Published: Thu, February 01 2018. 09:28 IST
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