You can be on Entrepreneur’s cover!

Bizongo Liquidates ESOP Worth $3.7 million Bizongo plans to use the buyback to acquire talent and build teams

By Saptak Bardhan

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company

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.

Saptak Bardhan

Former Trainee Writer

Former Trainee Writer
Business News

This One Word Is a Giveaway That You Used ChatGPT to Write an Email, According to an Expert

"Delve" has increased its presence in written work since ChatGPT entered the scene.

Side Hustle

This Dad Started a Side Hustle to Save for His Daughter's College Fund — Then It Earned $1 Million and Caught Apple's Attention

In 2015, Greg Kerr, now owner of Alchemy Merch, was working as musician when he noticed a lucrative opportunity.

Starting a Business

4 Common Mistakes That Will Spell Doom Your Ecommerce Business

It's hard to spot a success story before it happens, yet it's easy to tell if a business will struggle. With that in mind, here are the four most common mistakes people make that you should avoid when starting an ecommerce business.

Business News

Yes, You Can Buy a Foldable Tiny Home on Amazon — And Now It's Selling for Less Than $12,000

The waterproof and flameproof house was listed around $35,000 a few months ago.

Living

Feeling Overwhelmed at Work? Follow These Tips to Prevent It From Turning Into Burnout.

When you're passionate about your work, it can be easy to become overwhelmed. Take these tips to avoid feeling overwhelmed and burnout.