Bizongo fired 140 employees to keep cost stable

B2B startup Bizongo, has cut off 140 employees to cut costs and conserve capital.

While sources said that Bizongo had fired around 140 employees in June, the company did not disclose the number of employees impacted by the company’s latest restructuring.

Backed by the likes of B Capital, Accel, Chiratae Ventures and IFC, Bizongo has been able to raise funds at regular intervals - seed round in 2015, $3 million Series A round in 2016, $22 million Series B round in 2018 and $30 million Series C round in January 2020.

The four-year-old startup designs, develops and procures packaging solutions for e-commerce, logistics, and FMCG, and caters to more than 350 clients and is associated with over 750 manufacturing partners across sectors.

Bizongo had around 250-300 employees and laying off almost half of the workforce will be seen as a necessary step by the Mumbai-based company to tide over this difficult period for most businesses.

“Bizongo, unfortunately, had to undertake a workforce rationalization exercise forced by the raging COVID-19 pandemic and its after-effects resulting in a slowing economy. We tried to avoid this step for as long as we could, but we had to implement the restructuring process due to the disruption to the economy,” said Bizongo's CEO Aniket Deb.