Bizongo, a B2B platform which offers supply chain financing and integrated raw material buying solutions, on Thursday announced plans to expand presence in Rajasthan by facilitating quick financing and procurement for steel and aluminum buyers.
At present, Bizongo supplies raw materials of steel and aluminium to micor, small and medium enterprises on cheap rates with financing options from multiple financial institutions through its digital platform.
Tushar Kamat, Chief Business Officer at Bizongo, said the company is planning to expand its categories of raw material to polymer, copper and textile in near future.
He said that growth in infrastructure and residential projects as well as comprehensive reforms in the power sector and electrification across the state has led to an increase in demand for raw materials such as steel and aluminum.
"With the Rajasthan government working to bolster the road network and the existing metro network in Jaipur, the steel sector is witnessing a rapid demand in residential real estate."
"At the same time, demand for aluminium raw material is increasing due to consumption in the energy sector. In view of this, we are expecting rapid growth in the region," Kamat told reporters here.
According to Kamat, the platform has 350 customer enterprises, more than 6,000 suppliers and around 35 financial institutions. Also, it manages demand generation, raw material supply and financing through mobile app.
"Financing of around Rs 5,000 crore is being done annually through our platform," he said.
Through Bizongo app, 100% digital documentation is done and quick credit sanction with auto-verified data is made, he said.
"Simultaneously, through real-time, verifiable transaction-level data, including movement of goods, credit history etc., the platform enables financial institutions to improve their underwriting decisions," he added.
Kamat said the app also acts as an AI-powered platform to give a consolidated view of all suppliers with raw material prices, giving buyers options to purchase at the right price.
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