Bizongo (IFC-40950)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Smartpaddle Technology Private Limited
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 29, 2019

Disclosed by Bank Jan 31, 2018


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Project Description

 

The project consists of an equity investment of US$ 5 million in Smartpaddle Technology Private Limited, India to: (a) expand team and infrastructure; (b) increase business development and sales channels; and (c) Improve technology.

Established in 2015, Smartpaddle Technology Private Limited, India operates a B2B technology platform that provides end to end solutions for catering to the packaging needs of enterprise customers across multiple industries. The company curates, on-boards and provides access to small and medium enterprise packaging material manufacturers (or sellers) across India to its clients. The company’s platform has following key functionalities

Design and development: Designs and develops products to meet specific customer requirements (Platform: Design Lab)
Procurement: Identifies suppliers from list of empaneled firms, selects best supplier through reverse bidding (Platform: Go)
Order management, tracking and delivery: End to end order management and delivery including warehousing, live tracking of shipments (Platform: Procure Plus)
Payments: Direct invoicing to customers and payment to suppliers, credit options for select customers (Platform:Procure Plus)

The company identifies, onboards and registers manufacturers/sellers for different categories and quality of packaging and signs service agreements with the manufacturers. The clients can submit their requirements on the platform for which the manufacturers bid through the platform. The marketplace model gives manufacturers/sellers access to greater information on customer demands and allows them to tailor their product offerings and pricing to market needs. Currently, the company has about 2500 registered manufacturers on the platform with about 600 having a service agreement.


Investment Description
  • International Finance Corporation (IFC)
Private Actors

Bizongo was founded by Aniket Deb (CEO, ex-Opera Solutions), Sachin Agrawal (COO, ex-Gravitas) and Ankit Tomar (CTO, ex-Microsoft). The Company’s investors also include leading venture capital investors such as Accel Partners and IDG Ventures.

Contact Information

PROJECT CONTACTS

Smartpaddle Technology Private Limited 
Aniket Deb 
Chief Executive Officer 
+91 22 3809 4612 
aniket@bizongo.in 
3rd floor, E-Wing, Tex Centre, Chandivali Farm Road, Andheri(E)Mumbai, India 
https://bizongo.in 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/