- Bizongo’s Series E fundraising round, close to $50 million at a valuation of $980 Million
- Announces Layoffs after Fundraise, promises employment support
In a shocking twist, Mumbai-based B2B vendor-digitization platform, Bizongo, has laid off around 15% of its workforce shortly after announcing a successful $50 million fundraising. This news of Bizongo has sent shockwaves through the corporate workforce. This move deserves a compassionate perspective for those affected.
More About Bizongo
Founded in 2015 by IIT graduates Aniket Deb, Sachin Agrawal, and Ankit Tomar, Bizongo has been growing, serving 100s of enterprise customers and multiple SMEs.
As per the startup, they are working with around 500 enterprise clients under different verticals like Fashion, Pharmaceutical, Lifestyle, and more.
As per the reports, the management has described it as a strategic move to achieve profitability, and the decision was not easy for them to make.
In the wake of this announcement, it is crucial to humanize the impact of such decisions. These are not just numbers on a spreadsheet but people with families, responsibilities, and dreams. Team members are the heart and soul of any organization, and their livelihoods deserve the utmost consideration.
Bizongo’s spokesperson spoke of their commitment to supporting the affected employees and ensuring that these individuals are offered assistance in their transition to new opportunities, it remains to be seen how actively this support stays!
Moreover, the timing of this layoff, right after securing substantial fundraising, makes the move a bit concerning. Such a move might lower the morale and confidence of the remaining workforce.
The major concern is that most companies look for laying off when either they are facing a funding crunch or are not able to manage the workforce properly. On the other hand, Bizongo has been witnessing quite good growth and is also at the edge of becoming a unicorn.
In conclusion, the recent events in the startup ecosystem remind us that behind every corporate decision are individuals with aspirations and livelihoods. Bizongo’s future will be determined not only by its financial performance but also by the core of its existence: Its people!