E-commerce focused packaging company Bizongo has executed its first employee stock options (ESOP) buyback worth $3.7 million (around Rs 28 crore).
With this, 102 former and editing employees of Bizongo were eligible for the buyback, but only 70% of its employees opted to liquidate ESOPs from the pool worth $4.8 million (around Rs 36 crore).
Founded in 2015 by Tomar, Aniket Deb and Sachin Agrawal, Bizongo offers digital vendor management, supply chain automation & supply chain financing as key services to its enterprise customers. The B2B e-commerce platform services over 135 enterprise customers in fashion & lifestyle, pharmaceuticals, consumer discretionary, consumer staples, home & personal care, and e-commerce.
Its clients include BigBasket, Nykaa, Swiggy, Delhivery, Teabox, Tata Cliq, among others.
In December 2021, Bizongo raised $110 million in a Series D round led by New York-based Tiger Global Management. Recently, the company acquihired Hexa, a Bengaluru-based edtech cloud platform for college placements.