Bizongo a vendor digitization platform backed by Tiger Global, has revealed its acquisition of FactoryPlus, a factory digitization app supported by Titan Capital. This strategic move is aimed at advancing the digital landscape for micro, small, and medium enterprises (MSMEs). The specific financial details of the transaction have not been disclosed. Following this acquisition, FactoryPlus Co-founders Vatsal Rustagi, Sparsh Koyarala, Bikash Dash, and their team are slated to join Bizongo. This represents Bizongo's third acquisition, following prior takeovers of Clean Slate Technologies and Hexa.

This acquisition complements Bizongo's recent Series E funding round, which purportedly amassed nearly $50 million, led by Schroder Adveq, with contributions from the International Finance Corporation, Chiratae Ventures, B Capital, and British International Investment. Bizongo intends to incorporate FactoryPlus' mobile-centric Software-as-a-Service (SaaS) capabilities into its suite of services. These capabilities encompass functionalities like factory inventory management, real-time raw material prices, a news feed, and digital catalogs designed to empower local manufacturers, facilitating raw material sourcing and embedded financing.

Sachin Agrawal, Bizongo's Co-founder and CEO, stressed the importance of digitalization in today's fiercely competitive environment. He remarked, "The necessity for digital processes and automated technologies is paramount for vendors to thrive in an increasingly competitive landscape, and this acquisition represents a crucial step in that direction". He further added, "Through the acquisition of FactoryPlus, our aim is to equip manufacturers with tailored solutions, such as digital raw material consolidation and embedded financing, seamlessly integrating them into their supply chains to support their contributions to the country's economic future".

Established in 2021, FactoryPlus concentrated on revolutionizing factories into more intelligent and efficient spaces for manufacturers. The platform experienced notable growth, boasting over 4,000 registered factories and achieving a 40% month-on-month growth rate. Its primary focus was on industries such as metals, plastics, and paper, which constituted 76% of the MSMEs’ raw material demand on the platform.