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
Thought Leaders

How To Improve Your Soft Skills and Emotional Intelligence in 7 Easy Steps

Using these simple but effective approaches will help a person in their business, life and relationships.

Business News

Mark Zuckerberg Told Meta Engineers to 'Figure Out' Snapchat's Privacy Protections: 'We Have No Analytics on Them'

Recently unsealed court documents detail "Project Ghostbusters," Meta's project to work around Snapchat's end-to-end encryption to intercept data.

Business News

Sam Bankman-Fried Sentenced to 25 Years in Prison for Multibillion-Dollar Crypto Fraud

Southern District of New York Judge Lewis Kaplan said that the loss amount to the victims of Bankman-Fried's crimes surpassed $550 million.

Side Hustle

This Mom Started a Side Hustle After a 'Shocking' Realization in the Toy Aisle. Her Product Was in Macy's Within the Year — Seeing Nearly $350,000 in Sales.

Elenor Mak, now founder of Jilly Bing, didn't plan to start a business — but the search for a doll that looked like her daughter inspired her to do just that.