Bizongo Valued at $600M After $110M Series D Fundraising Round

SmartPaddle Technology Pvt. Ltd, which owns and operates packaging materials platform Bizongo, has raised ₹825 crore ($110 million) through its recent Series D fundraising round, according to regulatory filings, Mint reported Monday (Dec. 6), putting its value at ₹4,500 crore ($600 million).

SmartPaddle has brought in about $187 million in investment funding since its inception in 2015. The company sells boxes, containers, pouches and bags for food and hospitality, consumer goods and retail businesses. It has warehouses in Mumbai, Bengaluru, and Delhi and counts BigBasket, Nykaa, Swiggy, Delhivery, Teabox and Tata Cliq among its clients.

SmartPaddle issued 10 equity shares and 121,510 series D2 compulsorily convertible preference shares (D2CCPS) at ₹67,890 apiece to 10 subscribers, according to the filings. Tiger Global led the Series D funding round.

Its Internet Fund VII subscribed to 49,713 D2CCPS for ₹337.5 crore. Existing investors B Capital, CDC Group and World Bank’s IFC invested ₹131.25 crore, ₹131.25 crore, and ₹118.23 crore, respectively.

Schroder Chiratae Venture, Adveq, Bruno E. Raschle, Add Ventures Capital, Castle Investment and Satyadharma Investments were among the other SmartPaddle investors in the Series D funding effort The company closed its Series C funding round — which included both equity and debt worth $51 million — in April, with CDC taking the lead in that effort.

Related: ShipBob CEO Says D2C Differentiation Must Extend to Fulfillment

In September, ShipBob CEO Dhruv Saxena told PYMNTS that direct-to-consumer (D2C) brands should think of fulfillment “as being an extension of the values that they are trying to convey to the customer … and the user experience.”

The released a new set of customization features for merchants in the fall, including the ability to use custom boxes, custom sender names on shipping labels and gift notes. Earlier this year, ShipBob raised $200 million in Series E funding to accelerate its growth and capture rapidly rising remand.

The company hasn’t had trouble finding enough labor to meet its holiday demand, said Saxena, although Walmart and Amazon are tapping into the same talent pool.