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