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

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 co-founder 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.