Bizongo announces it has turned profitable, eyes $300 million revenue by end of FY22
Business-to-business e-commerce platform Bizongo announced that it has turned profitable and expects to reach a total of $300 million (Rs 1,995.8 crore) in annualised revenue by the end of the 2022 financial year.
“With the pent-up festive demand, the company envisages to cross at least $300 million in annualised revenue by end of this fiscal year,” said the business’ CTO and co-founder Ankit Tomar in a statement, the Press Trust of India reported.
The business announced that it has already surpassed the annual revenue run rate of $200 million with strong growth in its customer segments in the fashion and lifestyle categories. Bizongo’s average contract value has also tripled compared to the same time last year at $2.4 million.
“Bizongo's international foray is led by its vision to become a global B2B e-commerce leader,” said the business. “Ahead of a buoyant festive and wedding season starting with Navratri this week, Bizongo is expecting to touch $300 million in an annualised revenue by the end of the fiscal year.”
The business’ core platforms have over 120 enterprise customers with a base of more than 3,000 partner factories, it said. With its main customers based in India and a growing presence in Bangladesh, Thailand, Middle East, and the UK, Bizongo enables micro, small, and medium enterprises to manage their business online on its cloud platform.
Copyright © 2021 FashionNetwork.com All rights reserved.