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Classplus introduces stock appreciation rights for its customers

EntrackrEntrackr · 1y ago
Classplus introduces stock appreciation rights for its customers
Medial

B2B edtech company Classplus has announced stock appreciation rights (SARs) for its customers,vendors and partners. Dubbed as ‘Gratitude SARs’, the initiative aims to reward and show appreciation to content creators and educators who have helped shape Classplus, the company said in a press release. Stock Appreciation Rights (SARs) are a form of incentive that gives recipients the benefit of the growth of a company without needing to buy any shares. Traditionally, employee stock ownership plans (ESOPs) or stock options linked to a company’s valuation are reserved for permanent employees only. With this plan, Classplus customers will be able to take part in the company’s growth, having a deeper partnership between the company and its user base. Classplus had also announced an ESOP buyback for over 150 employees across roles and business verticals in February this year. This was the second buyback announcement by the company in 6 years since inception. Founded by Mukul Rustagi and Bhaswat Agarwal, six-year-old Classplus is a mobile-first SaaS platform that helps creators turn their skills into profitable online businesses through content monetisation. Since inception, it has raised around $150 million from investors like Tiger Global, AWI, RTP Global, Blume Ventures, Peak XV’s Surge, among others.

XYXX announces ESOP buyback program

EntrackrEntrackr · 1y ago
XYXX announces ESOP buyback program
Medial

Men-focused premium innerwear and lifestyle brand XYXX has announced its first Employee Stock Ownership Plan (ESOP) buyback. XYXX’s ESOP programme was introduced 4 years ago, and employees who have completed their tenure are eligible for the buyback. According to the firm, the eligible employees are allowed to liquidate at a 6X premium on the allotted price with zero strike price. XYXX’s ESOP buyback programme currently includes employees spanning from senior managers to heads of departments as well as executive leadership. The buyback comes within a year of XYXX’s $13.5 million Series C round led by Amazon Smbhav Venture Fund. XYXX claims to have pan-India presence with over 22,000 touchpoints through top Multi Brand Outlets (MBOs), a strong modern trade presence with Shoppers Stop, and Reliance Trends, amongst others as well as Exclusive Brand Outlets (EBOs) in multiple key cities. Its products are available on website (xyxxcrew.com) and available on e-commerce marketplaces including Amazon, Flipkart, Myntra and Ajio. On Monday, audio series platform Pocket FM announced its first ESOP buyback worth $8.3 million. As per data compiled by TheKredible, the total EOSP buyback/payout/liquidity stood at nearly $802 million in 2023. In 2021 and 2022, the buyback amount was recorded at $440 and $200 million respectively. In 2024, MyGate, Classplus and Meesho also completed their ESOP buyback scheme.

The Sleep Company rolls out second tranche of ESOP buyback for 105 employees

EntrackrEntrackr · 1y ago
The Sleep Company rolls out second tranche of ESOP buyback for 105 employees
Medial

Comfort-tech brand The Sleep Company has announced the second tranche of ESOP (employee stock ownership plan) buyback for its employees. The current buyback will benefit a total of 105 employees, including 50% of women employees. After securing Rs 13.4 crore in pre-Series A, and Rs 177 crore in a Series B round led by Premji Invest and Fireside Ventures, the company recently secured Rs 184 crore in Series C Funding. The Sleep Company has rolled out the second tranche of the programme in just four years since its inception, which is set to benefit employees irrespective of their seniority. The company rolled out its first ESOP buyback programme in 2023 worth Rs 83.47 lakh. Founded by Priyanka and Harshil Salot, The Sleep Company offers premium products with technology rooted in developments in material science and sleep science. In June 2022, the platform marked its foray into offline retail with the launch of its first store in Bengaluru, to open over 150 stores by end of 2024. The firm claims to have achieved significant growth with its revenue growing 2.6 times over the last 12 months, reaching Rs 130 crore in sales in 2023. Through its omnichannel model, the company has over 70 stores across the country and is well on its way to opening 150 stores by the end of 2024. Last month, audio series platform Pocket FM announced its first ESOP buyback worth $8.3 million. As per data compiled by TheKredible, the total EOSP buyback/payout/liquidity stood at nearly $802 million in 2023. In 2021 and 2022, the buyback amount was recorded at $440 and $200 million respectively. In 2024, MyGate, Classplus and Meesho also completed their ESOP buyback scheme.

MyGate announces ESOP buyback for over 50 employees

EntrackrEntrackr · 1y ago
MyGate announces ESOP buyback for over 50 employees
Medial

Community management app MyGate has announced employees stock buyback program for more than 50 employees. The buyback has come on the back of improved financial results for the Bengaluru-based company in the last and current fiscal year. MyGate has announced the buyback plan of 20% of vested shares for employees who have completed four years at the firm. “We are in the strongest financial position that we have ever been and well capitalised to fuel our growth and new initiatives,” said Abhishek Kumar, co-founder of MyGate. MyGate grew without raising venture capital money for nearly four years. The firm’s operating revenue jumped 77.3% to Rs 71.10 crore in FY23 from Rs 40.1 crore in FY22. During the period, it managed to cut losses to the tune of 35%. The company primarily generates income through subscription revenue from resident welfare associations and from brands promoting themselves on the MyGate app. The firm also said that it achieved zero cash burn in November 2023. MyGate raised $56 million in a Series B round in October 2019. Later, it raised strategic money worth $12 million from home service marketplace Urban Company and insurance provider Acko in November 2022. Entrackr exclusively reported the development. While the number of ESOP buybacks saw a downward trend in 2023, the amount of buyback and payout created a new record in the last year. As per data compiled by TheKredible, the total EOSP buyback/payout/liquidity in 2023 stood at nearly $802 million. In 2021 and 2022, the buyback amount was recorded at $440 and $200 million respectively. Last month, edtech company Classplus announced ESOP buyback for more than 150 employees.

Flipkart announces new ESOP liquidity worth $50 Mn

EntrackrEntrackr · 9d ago
Flipkart announces new ESOP liquidity worth $50 Mn
Medial

Flipkart announces new ESOP liquidity worth $50 Mn This announcement follows Flipkart’s record $700 million payout to employees in 2023, one of the largest ESOP buyback events in Indian startup history. Flipkart has announced a fresh ESOP (Employee Stock Option Plan) liquidity opportunity for its employees, according to an internal note from the company’s chief executive officer Kalyan Krishnamurthy. As per the note, eligible employees will be allowed to liquidate up to 5% of their vested ESOPs as of July 5, 2025, at a buyback price of $174.32 per option. Payouts will be made in August 2025 under the Flipkart Stock Option Plan 2012. An ET report estimates the size of the ESOP buyback at $50 million, with 7,000 to 7,500 employees expected to benefit from the liquidity program. Flipkart is currently valued at around $36 billion. Krishnamurthy also added that if key performance goals are met by the end of 2025, another 5% liquidity window could open in early 2026. A Flipkart spokesperson confirmed the development to Entrackr. This announcement follows Flipkart’s record $700 million payout to employees in 2023, one of the largest ESOP buyback events in Indian startup history. Media reports indicate the firm plans to launch its IPO with a valuation of $60-$70 billion. The company’s board has already approved the process to shift its holding structure from Singapore to India. In 2025, a clutch of startups including Darwinbox, Rapido, Univest, Deserve, and Even Healthcare have implemented ESOP buyback, liquidity, and payout programs worth around $67 million. In 2024, more than 20 startups implemented $200 million. According to startup data intelligence platform TheKredible, the ESOP buyback or liquidity amount stood at $802 million in 2023, $440 million in 2021, and $200 million in 2022.

Pocket FM completes its first ESOP buyback worth $8.3 Mn

EntrackrEntrackr · 1y ago
Pocket FM completes its first ESOP buyback worth $8.3 Mn
Medial

Audio series platform Pocket FM announced that the company has completed its first ESOP buyback worth $8.3 million. The buyback of stock comes soon after $103 million Series D funding announced by the Bengaluru-based company. Former and existing employees, holding vested stocks in the company, participated in this process, the company said in a press release. The company was valued at $750 million during the latest fundraise and has been growing at a high speed. According to PocketFM, it surpassed $150 million (Rs 1,250 crore) ARR, and is growing at 57% QoQ. In 2023, it processed over 20 million transactions and claimed that its US revenue crossed $100 million in average revenue run rate (ARR) during the last calendar year. The buyback has come at a time when Pocket FM is reportedly in late-stage conversation to raise a new round which would catapult it to the unicorn club. Pocket FM is the fourth growth stage company that has announced stock buyback in 2024. Recently, e-commerce company Meesho rolled out its largest ESOP buyback worth $25 million for 1,700 employees (past and current). Community management app MyGate and edtech company Classplus also announced their employee stock buyback program earlier this year. As per data compiled by TheKredible, the total EOSP buyback/payout/liquidity stood at nearly $802 million in 2023. In 2021 and 2022, the buyback amount was recorded at $440 and $200 million respectively. Pocket FM claims 2,000 exclusive audio series and more than 400,000 episodes across genres and languages. While the company’s real financial picture could be decoded when it discloses full-fledged FY24 results, Pocket FM’s revenue zoomed 8X to Rs 148.7 crore in the fiscal year ending March 2023. The firm also improved unit economics and reduced its losses by about three-fourths in the last fiscal year.

Whatfix rolls out $58 Mn liquidity event for employees and investors

EntrackrEntrackr · 9m ago
Whatfix rolls out $58 Mn liquidity event for employees and investors
Medial

Whatfix, a digital adoption platform (DAP), has introduced a $58 million liquidity program for its employees and investors. This marks the company’s fourth buyback of employee stock options (ESOPs). The Bengaluru-based company stated that eligible current and former employees now have the chance to sell a portion of their vested units at a premium over the earlier Series D valuation. This announcement comes on the heels of the company’s recent $125 million Series E funding round, led by Warburg Pincus, with contributions from existing investor SoftBank Vision Fund 2. Consequently, the firm’s valuation increased to $900 million from $600 million during Series D fundraise. It has raised over $265 million to date Whatfix introduced its first employee stock ownership plan or ESOP buyback scheme worth $4.3 million in July 2021. The firm did not announce the other two buybacks in the media. Founded by Khadim Batti and Vara Kumar, Whatfix provides in-app guidance and performance support for web applications and software products. Its tools are used by large companies to drive efficiency. The company asserts that it has been awarded five patents by the US Patent Office, with an additional 18 patents in the works. Despite facing macroeconomic challenges over the past two to three years, Whatfix claims to have kept its cash burn low while sustaining growth. The firm has doubled its workforce to over 960 employees, and has opened four new offices in Singapore, Germany, Australia, and India since its Series D funding round. This is the second largest ESOP buyback in 2024. In July, IPO-bound food delivery and quick commerce firm Swiggy announced an ESOPs liquidity programme worth $65 million. In the ongoing calendar year, Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, Purplle, Dehaaat, Leverage Edu, Pocket FM and Adda247 bought back ESOPs from their employees.

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