Bizongo completes maiden ESOP buyback worth USD 3.7 mn

Mumbai, Feb 14:

B2B e-commerce and supply chain enablement platform Bizongo on Monday said it has completed its first Employee Stock Ownership Plan (ESOP) monetization program worth USD 3.7 million.

As many as 102 of Bizongo’s former and current employees were eligible for the buyback, but only 70 per cent of employees opted to liquidate ESOPs from the pool worth USD 4.8 million, the company said in a statement.

“Through this move, the startup aims to create wealth for its employees and give them a chance to benefit from the growth achieved since last year,” it said.

The ESOP buyback comes on the heels of the platform’s recent entry into the soonicorn club and a fundraise of USD 110 million in Series D round led by Tiger Global Management, among others.

“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,? Ankit Tomar, Co-founder and CTO at Bizongo said.

Launched in 2015, Bizongo has 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 1200 crore in working capital lines to MSME vendors, registering an 8X growth since last year.  (UNI)