Tech startup Bizzo raises $2M in funding to digitally empower India’s SMB ecosystem
BizzO of Mumbai, a technology start-up that empowers digital investment for small and medium enterprises, today announced it has raised R2 million (approximately Rs 15 crore) with funding from ICICI Bank and Orios Venture Partners.
The BizzO sponsorship announcement is accompanied by a few other developments in the market that continue to create an ideal environment for new tech-led innovation in open digital business. Foremost among these is the Government of India’s Open Network of Digital Commerce (ONDC) program.
An open platform based on facilities such as the UPI trade in goods and services, major financial institutions such as ICICI Bank, SBI and CSC has already announced significant investments in ONDC. Therefore, BizzO’s vision is in line with market direction as it aims to improve the vendor-integrated application to facilitate the digitalization of services.
According to the statement, Over the past decade, small and medium enterprises have lost their sales power and pricing, and have seen an erosion of interest rates due to higher costs incurred by investors.
In addition, India’s service sector is very unorganized and more than 100 million small and medium enterprises are in dire need of full solutions to communicate directly with their customers.
Founded in 2021, BizzO says it aims to address these painful areas by restoring the power of these service providers to reconnect with their customer base and control all aspects of their business.
“For too long now, small Indian businesses have been pushed into integration,” said Viineit Toshniiwal, CEO and Founder of Bizzo. ”However, the trend now is to move away from consolidation and reduce dependence on central monolith platforms with closed systems. The next ten years will be about consolidating and implementing open plans based on the construction of autonomous, small and medium-sized enterprises, ”said Toshniiwal.
“Indian businesses do not need medium-sized people, they need the medium, therefore, BizzO’s main goal is for SMB business solution providers who wants to join the digital industry and enjoy the benefits of using digital. This grant is the first step towards realizing our dream, ”added Toshniiwal.
Anup Jain, Managing Partner, Orios Venture Partners, said: “At Orios, we always support strong and visionary founders, especially those who are determined to be reformers. Bizzo’s plan to empower the SMB services ecosystem is in line with our whole concept of supporting ideas that use technology to disrupt the natural environment, thus, benefiting all stakeholders. We are happy to be working with Bizzo on this project. ”
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