Overview

• The company has submitted a settlement proposal for the remaining Rs 77 crore and is waiting for TradeCred’s response
• TradeCred’s June 26 complaint to Mumbai’s Economic Offences Wing alleges Bizongo diverted Rs 256 crore into its operating accounts instead of escrow
• The EOW has acknowledged the complaint but has not yet registered a formal FIR
• Under new leadership, Bizongo wound down its supply chain financing operations and slashed its net debt from nearly Rs 900 crore to under Rs 100 crore
• Bizongo’s pivot to a raw materials supply platform achieved profitability in the April–June quarter with a monthly gross merchandise value of Rs 130 crore