India’s largest digital supply chain enablement platform for packaging, textiles & other custom made goods, Bizongo has helped companies enable digitized procurement. A B2B marketplace at its core, Bizongo is a SaaS company that caters to the customized goods needs of 150+ companies, including Amazon, Ananda Dairy, Tata Cliq, Ecomm Express Flipkart, D’Decor and many others. The company enables digitized supply chain solutions for customized goods in industries like FMCG, Pharma, E-commerce, FMCD, Consumer Discretionary, Food, Dairy, Food Services, Chemicals, Paints and many others.
Bizongo operates digital vendor management and supply chain automation which helps companies ranging from small startups to conglomerates with their packaging needs. Bringing together hundreds of vendors and managing them is no mean task- and Bizongo does this in a systematic, streamlined manner so companies need not run helter-skelter to procure packaging material.
This case study demonstrates how Bizongo’s partnership with Yubi helped finance their vendor bills, supply chain and drive their sales, ultimately boosting profits.
There was an ardent need to structure the multiple vendor supply chains to disburse vendor payments quickly and immediately procure the goods. A long payment cycle and lack of liquid cash impacted smooth supply chain operations for Bizongo that delayed their product delivery to their clients.
The company also wanted to solve the cash flow issues for the vendors without having any impact on their payment cycles.
After scouting the market for financing solutions, Bizongo found their perfect partner in Yubi’s Supply Chain Finance Marketplace(YubiFlow) for all their supply chain financing needs.
Bizongo was successfully onboarded to the YubiFlow marketplace in less than a week!
The company got instant access to multiple lenders from a unified platform, manageable through an interactive dashboard. This gave the company the freedom to strike a deal that worked for them the best – choose its repayment schedule, credit limit and customize other loan aspects.
Bizongo’s onboarding was executed digitally with absolute minimal documentation that was not only to the client’s comfort but also to speed up the entire process of loan sanction and processing.
With the quickest access to finance, the turnaround time for the disbursement of credit for Bizongo came down drastically. Consequently, Bizongo strengthened relationships with their vendors; While other companies cleared the vendors’ bills in 1.5-2 months, Bizongo did the same in a day, gaining priority service. This helped the company receive material and services on time and deliver the finished product to their clients well within timelines.
The company was able to settle its vendor bills in under 24 hours with access to 250+ lenders on YubiFlow. The company could also access multiple debt products hosted by CredAVenue.
Moreover, the association with YubiFlow ensured Bizongo could eliminate the industry-standard restrictions that limited the number of vendors who could be paid with the sanctioned credit. In traditional cases, the entire credit limit is rarely utilized. With YubiFlow, Bizongo could finance the invoices of unlimited vendors and use the entire capital sanctioned as credit, providing last-mile coverage for their clients. That’s star-performance for Bizongo, leveraged by YubiFlow’s star facilities.