Bizongo and Nalco Partner for Aluminium Distribution Expansion
Bizongo, a B2B e-commerce platform, has signed a deal with National Aluminium Company Limited (Nalco) to help distribute Nalco's aluminium products through its marketplace. The agreement aims to significantly enhance Nalco's distribution capabilities across India.
Under the agreement, Bizongo will use its B2B marketplace, BizongoBuy, along with its embedded finance platform, BizongoFin, to facilitate the distribution of Nalco's non-ferrous products, including ingots, T-ingots, sows, billets, and wire rods. During the first quarter of Nalco's annual bid process, Bizongo reported monthly aluminium distribution volumes of 1,500-2,000 metric tons (MT). Following this performance, Nalco upgraded Bizongo to its highest distributor category, which now handles over 3,000 MT per month.
The partnership comes as Bizongo restructures its operations into two main segments—BizongoBuy, which focuses on raw material procurement, and BizongoFin, which deals with supply chain financing. The company recently appointed Prahlad Krishnamurthi as CEO of BizongoBuy and Kiran Dev as CEO of BizongoFin.
BizongoBuy CEO Prahlad Krishnamurthi said that the partnership with Nalco will not only bolster their position in raw material procurement but also make it easier for SMEs and corporates to access quality materials in a more predictable manner.
In FY23, Bizongo's revenues nearly doubled to Rs 166.9 crore ($20.2 million), but its losses also widened to Rs 291.6 crore ($35.3 million) during the same period.
Founded in 2015, Bizongo started as a packaging solutions provider and later expanded into vendor management services and supply chain financing. So far, the startup has raised around $205 million from investors, including Accel, Chiratae Ventures, and IFC.
Bizongo's embedded supply chain finance platform, BizongoFin, has facilitated flow-based invoice financing worth over Rs 14,000 crore ($1.7 billion) to more than 1,500 SMEs. Through BizongoBuy, Bizongo has partnered with several steel and aluminium suppliers to source and distribute raw materials digitally to over 100 SME manufacturers. Headquartered in Mumbai, the company also has regional offices in Bengaluru and Gurugram.
