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Bizongo lays off about 50 staffers after closing $50 million round, ETHRWorld


hr.economictimes.indiatimes.com | www.ETHRWorld.com

<p>The money was raised at $20 million short of a unicorn-level valuation -- $980 million -- 63% higher compared with the previous round of funding in August 2022</p>
The money was raised at $20 million short of a unicorn-level valuation — $980 million — 63% higher compared with the previous round of funding in August 2022

Business-to-business vendor-digitisation platform Bizongo fired about 50 employees, or about 15% of its workforce, during a town hall meeting where it also announced a fresh fundraise of $50 million, people in the know told ET.

The Mumbai-based startup’s cofounder and chief executive Sachin Agrawal informed employees of the decision during the meeting at 10 am on Wednesday. Earlier in the day, ET reported on the fresh fundraise from existing investors led by Schroders Capital.

In a statement to ET on the layoffs, Bizongo confirmed that it had parted ways with a “few of the employees, and it was a very difficult decision. We had to do so in order to drive sharper focus towards key business priorities as we continue to build a high-performance organisation.”

The money was raised at $20 million short of a unicorn-level valuation — $980 million — 63% higher compared with the previous round of funding in August 2022. Agrawal told employees that it was difficult to raise the funding round, not because of a ‘funding winter’ but because of the company’s recent performance, ET has learnt.

“He told us that the company needs to restructure itself to improve its performance and that is why some of us, unfortunately who no longer fit, have to part ways. The company has…


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