When Aniket Deb and his IIT Bombay classmate Sachin Agrawal wanted to turn entrepreneurs, their approach was grounded. “How can so many start-ups be doing the same thing and yet dream of being the next billion dollar company?” they wondered as they filtered out business ideas over cups of coffee at a Starbucks outlet in Powai. This was in 2014, when Deb was working as a business intelligence manager with Locon Solutions while Agrawal was working as a hedge fund manager with Gravitas. During one such session, the duo realised that everyone talks about the potential of India’s huge consumer base, but there is equal opportunity on the business side too.
This realisation was enough to set the wheels in motion. The idea for the start-up was fine-tuned with the help of Ankit Tomar, who was a program manager at Microsoft before joining the duo in their vision. And in 2015, the trio founded Bizongo, a B2B start-up that provides end-to-end solutions for sourcing and packaging needs for big and small enterprises.
“India had 45 million SMEs and we tried to find how far technology has penetrated this sector. We found that it was dismal and that was the bottleneck. If efficiency needs to improve, it needs to improve through tech,” says Deb, CEO, Bizongo.
Today, from a five-member team that worked out of a small office in Powai, Bizongo has a 160-member team operating out of their head office in Mumbai and regional offices in Delhi and Bengaluru. The company has raised about $25 million from Accel Partners, IDG Ventures, B Capital and International Finance Corporation and currently has about 200 vendors and 50 buyers on its platform. By 2019, it is looking to take this number to 600 vendors and 150 buyers. The start-up registered revenue of Rs.1.3 billion in FY18 and is targeting a revenue of Rs.1.6 billion in FY19.
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