Bizongo Acquires FactoryPlus To Offer MSMEs AI-powered Raw Material Procurement Solution

New Delhi, Nov 21 (KNN) Bizongo, a vendor digitisation startup on Tuesday announced the acquisition of FactoryPlus, a factory digitisation app for factories operated by MSMEs to boost its AI offerings to enterprises.

With the acquisition, Bizongo will integrate FactoryPlus’ mobile-first SaaS capabilities like factory inventory management, real-time raw material prices, news feed, and digital catalogues among others into its solution. FactoryPlus’ investors Better Capital and Titan Capital will exit the company as part of this acquisition. 

This acquisition will allow Bizongo to offer MSMEs an AI-powered raw material procurement solution, which will enable them to source raw materials from vendors at the least possible costs.

Bizongo said it will also facilitate embedded financing to help manufacturers combat delays in raw material procurement and supply chain challenges arising from blocked working capital.

Sachin Agrawal, Co-founder and CEO, Bizongo said, “In order to support MSMEs’ ongoing success and expansion, it is crucial to address the critical issue of MSMEs’ continued difficulty in embracing digital transformation. This is where technology plays a key role in driving the MSME sector forward. Digital processes and automated technologies are the need of the hour for vendors to thrive in an increasingly competitive landscape and this is a key step in that direction.” 

Vatsal Rustagi, Sparsh Koyarala, and Bikash Dash from FactoryPlus along with their team will join Bizongo. The startup didn’t disclose the transaction details. 

(KNN Bureau)