Bizongo (IFC-40950)

Countries
  • India
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Smartpaddle Technology Private Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. 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
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Smartpaddle Technology Private Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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/

How it works

How it works