E-commerce focused packaging company Bizongo has appointed three new CEOs to head its raw material marketplace BizongoBuy and embedded supply chain finance platform BizongoFin. The company has also strengthened its leadership by appointing a Chief Technology and Product Officer (CTPO) and a Chief Financial Officer (CFO).
Kiran Dev, an ex-banker, has been named CEO of BizongoFin, the fintech arm that provides embedded supply chain financing solutions to address the $300 billion unmet SME credit needs. Dev brings with him a wealth of experience in banking and finance.
Prahlad Krishnamurthi, who recently stepped down as Chief Business Officer at Cleartrip, has joined as the CEO of BizongoBuy, the integrated B2B marketplace for SMEs to buy raw materials. Gaurav Singhania has been appointed as the group’s Chief Financial Officer, while Amol Wanjari, with his leadership experience at Amazon and Acko, has joined as the group’s CTPO.
These new appointments are aimed at strengthening Bizongo’s senior leadership and delivering an e-commerce-like experience to Indian SMEs through its digital platforms. The company has been growing rapidly, with its revenue from operations growing 98.6% to Rs 166.86 crore in FY23, while its losses spiked 173.1% to Rs 291.57 crore during the same period.
Bizongo had raised $50 million in its Series E funding round in October last year, led by existing investor Schroder Adveq, and soon after acquired FactoryPlus, a digitization app for MSME factories. The company’s FY24 numbers are yet to be disclosed.
With these new appointments, Bizongo is poised to expand its operations and strengthen its leadership, and this is expected to have a positive impact on its revenue and growth in the coming years.