B2B ecommerce platform Bizongo has inked a pact with National Aluminium Company Limited (NALCO) to help the state-owned company in distributing its aluminium products through its marketplace.
Under the MoU, Bizongo will leverage its B2B marketplace BizongoBuy and embedded finance platform BizongoFin to distribute NALCO’s non-ferrous products, including ingots, T ingots, sows, billets and wire rods.
Bizongo claimed that its monthly aluminium distribution volume crossed 1,500-2,000 MT in the first quarter of NALCO’s annual bid process. Following this, the state owned enterprise moved the B2B platform to its highest distributor category, which handles over 3,000 MT monthly.
“Being entrusted as among the top tier distributors by NALCO is a testimony to our deep understanding of B2B marketplaces and supply chain financing solutions,” Bizongo cofounder and CEO Sachin Agrawal said.
The development comes at a time when Bizongo has – BizongoBuy for raw material procurement and BizongoFin for supply chain financing. The company recently appointed Prahlad Krishnamurthi as CEO of BizongoBuy and Kiran Dev as CEO of BizongoFin.
“Our partnership with NALCO not only strengthens our position in the raw material procurement but also empowers SMEs and corporates to access premium-quality materials predictably,” BizongoBuy CEO Krishnamurthi said.
The partnership could help boost Bizongo’s revenues, to INR 166.9 Cr in FY23. However, the company’s losses also widened to INR 291.6 Cr during the same period.
Founded in 2015, Bizongo started as a packaging solutions provider before expanding into vendor management services and supply chain financing. The startup has raised about $205 Mn from investors including Accel, Chiratae Ventures, and IFC.
The company’s embedded supply chain finance platform BizongoFin has enabled flow-based invoice financing worth over INR 14,000 Cr to more than 1,500 SMEs. Through BizongoBuy, the startup has partnered with multiple steel and aluminium suppliers to source and digitally distribute raw materials to over 100 SME manufacturers. The Mumbai-based company has regional offices in Bengaluru and Gurugram.
The post appeared first on .
You may also like
Pacific leaders put pressure on Australia over climate action
Pushpa 2 Release Date: Allu Arjun's film will release on December 5, the announcement has been made
Black Ops 6 gets big pre-order discount with Call of Duty money-saving tip
Health Tips- Do you get sour burps after eating, then try these remedies immediately
Trump Turnberry sends 'honest' Open plea to R&A and makes LIV Golf decision
