Bizongo Liquidates ESOP Worth $3.7 million
Bizongo plans to use the buyback to acquire talent and build teams
B2B e-commerce and supply chain enablement platform Bizongo on Monday announced the completion of its first Employee Stock Ownership Plan (ESOP) monetization program worth $3.7 million. While 102 of Bizongo's former and current employees were eligible for the buyback, only 70 per cent of employees opted to liquidate ESOPs from the pool worth $4.8 million.
"Our employees are an invaluable asset and partners, who have helped us achieve newer heights and remain profitable even during the pandemic. Today, we are a market leader in the customized goods category and this ESOP repurchase is our little way of sharing our success and growth with all who have been a part of Bizongo's journey so far," said Ankit Tomar, co-founder and CTO, Bizongo.
The news comes at a time when ESOP buyback has grown in prominence. Ninjacart recently conducted an INR 100 crore ESOP buyback for current and former employees whereas PhonePe announced ESOP buyback upto INR 135 crore and Vedantu announced ESOP buyback worth $3 million. Bizongo plans to use the buyback to acquire talent and build teams.
Bizongo recently entered the "Soonicorn Club' and raised $110 million in Series D round led by Tiger Global Management.
Bizongo was founded in 2015 by three IIT graduates Aniket Deb, Sachin Agrawal and Ankit Tomar to digitally transform the B2B segment of customized goods. The company's core platforms, Procure Live and Partner Hub, have over 300 enterprise customers and a base of over 3,000 partner factories. Through strong partnerships with more than 15 financial institutions, the Supply Chain Financing (SCF) vertical has processed over INR 1,200 crore in working capital lines to MSME vendors, registering an 8x growth since last year, said the company statement.