Bizongo’s revenue grows 20x in 11 months as manufacturers embrace digitalization
Textile hubs in Tamil Nadu, Andhra Pradesh and Karnataka are witnessing a rapid evolution of MSMEs adopting technology platforms to accelerate their businesses. Comprehensive B2B business enablement platform Bizongo has seen its annualized revenue increase 20x to INR 600 crore in the last 11 months in these regions.
Karnataka alone contributes 14% to India’s national garment production and the state capital, Bengaluru, is known as the garment capital of India, owing to the presence of a large number of fabric and yarn manufacturers.
A substantial part of the growth is driven by the digitized and automated supply chain finance solution provided to manufacturers to assist with their credit and working capital needs. The sharp rise in cotton prices and the shortage of charcoal kept pressure on manufacturing units, increasing the need for MSMEs to seek credit to keep their production on track. Bizongo helps MSMEs with unsecured working capital lines with minimal documentation.
Bizongo’s Partner Hub platform helps textile manufacturers benefit from services for production planning, order delivery times, payment reconciliation, to eliminate manual tasks. Bizongo has also launched IoT-enabled cloud factory setups that allow MSMEs to provide real-time updates to their client companies on their products and order status, and also reduce the time and effort needed to generate invoices and undertake collections.
Bizongo’s supply chain finance model is rooted in generating free cash flow and providing faster access to working capital, which enables manufacturers to improve their performance. This approach has driven the technology company to become a market leader in custom product categories such as textiles, apparel and other contract manufactured products.
Aniket Deb, co-founder and COO of Bizongo, said: “Our platform is aimed at the entire ecosystem of textile manufacturers – from the corporate client, to the garment manufacturer, to the yarn supplier. and even cotton spinning. Thanks to our technology platform, we were able to add value to sales and supply. Whether digitizing orders and deliveries or invoicing on credit, Bizongo has enabled each player in the textile life cycle to conduct their business in the most efficient way and optimize their resources.
Bizongo has strong partnerships with over 25 financial institutions to facilitate the credit and working capital needs of MSMEs. Some of the corporate clients are Hours Overseas, Tripal Traders and Namo Traders. Anupam Chaudhary, owner of Namo Traders, said, “Our sales have increased by 45%. Despite the demand, we were facing difficulties in supplying our customers due to the lack of working capital. Bizongo has helped us achieve consistent business growth by solving working capital issues.
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