Bizzo Raises $ 2 Million from ICICI Bank and Orios Venture Partners
Bizzo a tech start-up has raised $ 2 million from a strong investor community led by ICICI Bank and Orios Venture Partners. The funding will enable Bizzo to further coagulate its vision of digitally empowering India’s SMB ecosystem.
The company plans use the funds to help service-preneurs to digitally build, scale and organize their businesses.
Viineit Toshniiwal, CEO and Co-Founder at Bizzo says, “we are delighted to have ICICI Bank and Orios on board as investors in Bizzo’s vision to digitally empower India’s vast SMB ecosystem. For too long now, India’s small businesses were pushed towards aggregation. However, the trend now is to move towards de-aggregation and reduced dependence on centralized monolith platforms with closed systems. The next decade is going to be all about unbundling and using open architecture-based systems that brings autonomy to small and independent businesses.”
“India’s service businesses don't need middlemen, they need a medium, thus, Bizzo’s ultimate goal is to become the go-to solution provider for SMB businesses looking to join the digital mainstream and enjoy the perks of digitization. This funding is the first step towards achieving our dream,” Toshniiwal adds.
over the past decade, small and independent service businesses have lost out on their branding and pricing power, and have witnessed the erosion of profit margins due to hefty commissions charged by aggregators
According to the company, over the past decade, small and independent service businesses have lost out on their branding and pricing power, and have witnessed the erosion of profit margins due to hefty commissions charged by aggregators. Also, the Indian services sector is largely unorganized with over 100M small & independent service businesses in dire need of full-stack solutions to directly connect with their customers.