Multi-category packaging services provider Bizongo is in the process of raising fresh funds to finance ramping up of technology and product offerings as it targets fourfold jump in turnover to around Rs 1,600 crore by the next financial year, according to a top company official.
The Mumbai-based firm is betting on food delivery and e-commerce business to be among major growth drivers besides retail and fast-moving consumer goods (FMCG) sectors, according to Bizongo Chief Executive Officer and co-founder Aniket Deb.
The company provides end-to-end automated packaging design, development, procurement and artwork solutions to its clients across industries such as FMCG, food, retail, consumer durables, supply chain and e-commerce.
"The Indian packaging industry is a USD 72-billion market currently and is growing at a CAGR (compound annual growth rate) of 16 per cent. Bizongo is in the right place to leverage this huge opportunity as packaging is inextricably linked to India's consumption growth story," Deb told PTI.
People are buying more branded goods both online and offline, ordering more takeaways even in smaller cities and towns which means these segments will need more packaging, he added.
Elaborating on the company's plans to tap the opportunity, he said, "Our next big bet is the food delivery and e-commerce business which is growing at 31 per cent and 32 per cent, year-on-year, respectively. Retail and FMCG are the two other areas with huge growth potential."
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