Bizongo has issued a clarification following recent media reports about a complaint filed by TradeCred with the Economic Offences Wing (EOW), asserting that the matter is being misrepresented and sharing key facts to set the record straight.
In a statement released Friday, the company said it has already repaid over Es 184 crore to TradeCred, significantly reducing its outstanding principal from over Rs 250 crore to Rs 66 crore. The repayments, it added, were made under full internal approvals and were transferred into a common escrow account, as directed by TradeCred.
Bizongo also stated that a formal settlement proposal for the remaining dues has been submitted and that it is now awaiting TradeCred’s response.
The company emphasized that its supply chain financing (SCF) operations have been fully wound down under the new leadership. Since then, Bizongo has slashed its net debt — after adjusting for security — from nearly Rs 900 crore to below Rs 100 crore, marking a 90% reduction.
Bizongo has since shifted its focus to a raw materials supply platform, which the company says became profitable in the April–June 2025 quarter. Its monthly gross merchandise value (GMV) now stands at Rs 130 crore.
The company reiterated its commitment to regulatory compliance, transparency, and strong corporate governance. It dismissed attempts to link its past financial restructuring with allegations of wrongdoing, saying such narratives are misleading and ignore Bizongo’s current financial health and operational turnaround.