Bizongo completes ESOP buyback worth $3.7 million

B2B e-commerce and supply chain enablement platform Bizongo has completed its first $3.7 million employee stock option buyback (ESOP) program. While Bizongo's 102  former and current employees were eligible for acquisition, about 70% of employees chose to liquidate ESOP from the  $4.8 million pool.

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

Bizongo was launched in 2015 by three IIT graduates Aniket Deb, Ankit Tomar, and Sachin Agrawal. Its core platform, Procure Live and Partner Hub have 300 enterprise customers and a base of more than 3,000 partner factories at present.

The Supply Chain Financing (SFC) vertical has processed more than Rs 1,200 crore in working capital lines to MSME vendors through its strong partnerships with over 15 financial institutions.