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

International Finance Corporation (IFC) is planning to invest around $5 million in Smartpaddle Technology (Bizongo). The Company is backed by leading venture capital investors like Accel Partners and 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.

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

Bizongo was founded by Aniket Deb (CEO, ex-Opera Solutions), Sachin Agrawal (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 companies.

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.