The B2B e-commerce startup, Bizongo completes the ESOP buyback worth $3.7 million, making 70 per cent of its employees eligible for a buyback
- ByStartupStory | February 15, 2022
Bizongo, a business-to-business e-commerce and supply chain enablement platform, has completed its first employee stock ownership plan (ESOP) repurchase program, valued at USD 3.7 million.
While 102 former and present Bizongo workers were eligible for the repurchase, the business claimed in a statement that only 70% of them chose to dispose of ESOPs worth USD 4.8 million.
It noted that ESOPs have been a part of the firm’s talent welfare program plan since its inception and have been granted to workers at all levels at various times of their tenure with the company in the form of joining bonuses or yearly bonuses and prizes.
The company, which also claims 7 million active users and aims to improve credit and payment experiences for Gen-Z and millennial audiences, had planned to launch UPI-based payments on its app in the year.
Meanwhile, Bizongo raised $110 million in December from Tiger Global and others, valuing the company at $600 million.
On Monday, data analytics business TheMathCompany unveiled its Esop repurchase program. The new exercise puts the total value of the business’s repurchase program this year to Rs 93.2 crore (about $12.3 million), according to the company.
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