Bizongo: B2B e-commerce start-up completes ESOP buyback worth $3.7 mn

Nearly 70 per cent of all eligible former and current employees of Bizongo opted to liquidate their ESOPs

B2B e-commerce and supply chain enablement platform Bizongo has completed its first employee stock option plan (ESOP) buyback program worth $3.7 million. While 102 of Bizongo’s former and current employees were eligible for the buyback, around 70 per cent of employees opted to liquidate ESOPs from the pool worth $4.8 million.

Through this move, the startup aims to create wealth for employees and give them a chance to benefit from the growth achieved since last year. In December last year, the company had raised  $110 million at a valuation of $600 million in a Series D round led by New York-based Tiger Global Management.

Ankit Tomar, co-founder and CTO of Bizongo said, “Our employees are an invaluable asset and partners, who have helped us achieve newer heights and remain profitable even during the coronavirus (Covid-19) 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”

Launched in 2015, Bizongo was founded by three IIT graduates Aniket Deb, Ankit Tomar and Sachin Agrawal. At present, 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 Rs 1,200 crore in working capital lines to MSME vendors, registering an 8X growth since last year.