Due to the increased emphasis the government has placed on domestic production, we are aware that India is on the cusp of becoming a major global manufacturing hub. The Government of India has introduced a number of noteworthy projects to encourage manufacturers, including the “Make in India” initiative and the Production-Linked Incentive (PLI) Scheme. However, manufacturers continue to encounter several issues that have not yet been resolved. Access to credit lines and the purchase of raw materials were two of the top issues faced by manufacturers, according to a recent Bizongo research of more than 10,000 MSMEs. Additionally, the study found that approximately 55 percent of business owners are open to investigating options that can assist in digitising vendor management and procurement, but lack knowledge.
During this time, the Bangalore-based startup, which first operated as a B2B marketplace and packaging solutions platform, made several changes to its business model before evolving into its current form. Bizongo recognises the difficulties that businesses encountered when manually coordinating with their extensive vendor network. Due to manual documentation, vendor quality evaluation, payment risks, shifting rules, and contract follow-ups for numerous vendors, they were slowed down by the lack of a uniform platform.
Ankit Tomar, Co-Founder & CTPO, Bizongo speaks to Express Computer about how in order to overcome these obstacles, Bizongo discovered its sweet spot in a platform that gave MSMEs access to a full range of solutions. These solutions allowed MSMEs to digitise their procurement processes, better manage their inventory, streamline their business processes, gain access to international markets, and compete successfully in an increasingly crowded digital market. With an emphasis on vendor digitisation solutions, including supply chain automation, supply chain financing, procurement, e-auction and reverse bidding, among others, the startup has grown significantly.