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Log9 Materials Launches INR 1.5 Cr ESOP Buyback Plan to Reward Employees

Business Bytes

Business Bytes · 1y ago

Log9 Materials Launches INR 1.5 Cr ESOP Buyback Plan to Reward Employees

Indian tech company Log9 Materials has introduced an Employee Stock Ownership Plan (ESOP) buyback program worth INR 1.5 Crores to reward its employees. A total of 17 employees will benefit from the ESOP payouts, allowing them to share in the company's success. This move reflects the growing popularity of ESOP programs in the Indian startup ecosystem for attracting and retaining talented individuals while fostering company growth and innovation. The initiative demonstrates Log9 Materials' commitment to recognizing employees as crucial stakeholders in their journey.

Related News

EV-focused startup Log9 Materials announces ESOP buyback worth Rs 1.5 crore

IndianStartupNews

IndianStartupNews · 1y ago

EV-focused startup Log9 Materials announces ESOP buyback worth Rs 1.5 crore

Log9 Materials, an EV-focused startup in battery technology, has announced its annual ESOP buyback valued at Rs. 1.5 crore. This buyback will benefit 17 employees who have been instrumental in the company's success. Log9 Materials previously had a successful ESOP buyback of nearly Rs. 1 crore. The company plans to continue this practice in the future and has recently secured $40 million in Series B funding. Log9 Materials specializes in fast-charging batteries that offer higher performance and safety.

AppsForBharat announces first ESOP buyback worth Rs 2.1 Cr

YourStory

YourStory · 9m ago

AppsForBharat announces first ESOP buyback worth Rs 2.1 Cr

Devotional platform Sri Mandir's parent company, AppsForBharat, has announced its first Employee Stock Option Plan (ESOP) buyback worth Rs 2.1 crore. The buyback will allow 25 employees to cash out a portion of their vested stock options. The initiative, facilitated through a partnership with Infinyte Club, aims to reward and acknowledge the contributions of long-term team members. AppsForBharat recently raised $18 million in Series B funding for the expansion of Sri Mandir's operations and the development of new temples and services.

The Sleep Company Rolls Out Second Tranche Of INR 2.4 Cr ESOP Buyback For Employees

Inc42 · 1y ago

The Sleep Company Rolls Out Second Tranche Of INR 2.4 Cr ESOP Buyback For Employees

Mumbai-based sleep solutions startup The Sleep Company has announced a second tranche of an employee stock ownership plan (ESOP) buyback worth INR 2.4 crore ($322,000). This buyback will benefit 105 employees, including 50% women, and follows a previous buyback worth INR 83.47 lakh ($112,000) that benefited 62 employees. Founded in 2019, The Sleep Company offers smart mattresses, chairs, comforters, recliner beds, and pillows using patented SmartGRID technology. The company aims to expand its retail presence and become a INR 1,000 crore ($134 million) company in the next two years.

SaaS company AiDash launches first ESOP buyback plan for employees

Economic Times

Economic Times · 1y ago

SaaS company AiDash launches first ESOP buyback plan for employees

San Francisco-based software-as-a-service company AiDash has launched its first employee stock ownership plan (Esop) buyback programme. Following their recent $58.5m series C funding round, which brought their total raised to $91.5m, the buyback scheme allows full-time employees with three or more years of tenure to cash in their vested shares. AiDash aims to reward its team and foster a culture of growth within the organisation as it continues to scale up its products and services. ESOPs have proven to be successful compensation tools for tech companies to attract and retain talent.

Startup Employees Made INR 1.2K Cr Via ESOP Buybacks In 2024

Inc42 · 10m ago

Startup Employees Made INR 1.2K Cr Via ESOP Buybacks In 2024

16 Indian tech companies have conducted ESOP (Employee Stock Ownership Plan) buybacks in 2024, resulting in over $148 million of wealth for their employees. In 2023, 12 startups carried out ESOP buybacks worth $850 million, with Flipkart leading the way with $700 million. Swiggy stood out in 2024 by offering $65 million in ESOP liquidity to reward its employees.

EV startup Zypp Electric announces Rs 1.5Cr ESOP buyback

IndianStartupNews

IndianStartupNews · 2y ago

EV startup Zypp Electric announces Rs 1.5Cr ESOP buyback

EV-as-a-service platform Zypp Electric recently announced its first Employee Stock Ownership Plan (ESOP) buyback, allocating around Rs 1.5 Crore to 15 dedicated employees who have been associated with more than a year of service within the company.

Tiger Global-Backed MyGate To Offer ESOP Buyback For 51 Employees

Inc42 · 1y ago

Tiger Global-Backed MyGate To Offer ESOP Buyback For 51 Employees

Bengaluru-based startup MyGate, which provides community and security management services, has announced an employee stock ownership plan (ESOP) buyback for 51 employees. The buyback plan includes 20% of vested shares for those who have completed four years at the company. The move comes after MyGate reported improved financial results in the last fiscal year, despite a widening net loss of INR 227.1 Cr. The company did not disclose the value of the buyback deal. ESOP allocations are expected to increase this year, with many startups relying on them to attract talent.

Edtech Soonicorn Classplus Announces Second ESOP Buyback For Over 150 Employees

Inc42 · 1y ago

Edtech Soonicorn Classplus Announces Second ESOP Buyback For Over 150 Employees

Delhi NCR-based edtech startup, Classplus, has launched its second employee stock ownership plan (ESOP) buyback program, allowing over 150 employees to sell their vested shares. The exact amount dedicated to the buyback remains undisclosed. Classplus became the first edtech startup to announce a buyback this year. With 748 employees, over 20% of them are eligible for the program. In its first ESOP buyback, 30 employees participated, resulting in a worth of $1 million. ESOP allocations are expected to increase this year, with 55% of Indian startup founders relying on them to attract talent.

Even Healthcare launches first ESOP buyback worth $500K

Entrackr

Entrackr · 5m ago

Even Healthcare launches first ESOP buyback worth $500K

Even Healthcare launches first ESOP buyback worth $500K Managed care provider Even Healthcare announced its first-ever Employee Stock Ownership Plan (ESOP) buyback within three years, joining Indian startups using stock rewards to retain talent and boost employee wealth. Even announced a buyback worth $0.5 million for its employees at the primary valuation without any discount. According to the company, this ensures employees receive maximum earnings from their sale and do not face an “ESOP haircut.” This buyback follows Even Healthcare’s $30 million Series A funding round in October last year. “At Even Healthcare, we believe in creating long-term financial opportunities for our employees. This buyback is a testament to our commitment to ensuring everyone who contributes to Even’s growth benefits from it. We are proud to set a new benchmark in the industry and look forward to expanding our ESOP program further,” said Matilde Giglio, co-founder of Even Healthcare. Founded in 2020 by Mayank Banerjee, Giglio, and Alessandro Ialongo, Even Healthcare offers its members free consultations, diagnostic tests, and cashless hospitalization through its in-house clinical team and insurance partners. According to the company, it only partners with hospitals that guarantee the care of its members in exchange for a recurring payment.

Drone Manufacturer ideaForge Expands ESOP Pool

Inc42 · 1y ago

Drone Manufacturer ideaForge Expands ESOP Pool

Indian drone manufacturing startup, ideaForge, has announced an employee stock ownership plan (ESOP) to reward its employees. The company, founded in 2007, specializes in producing UAV systems for inspection, surveillance, and mapping. The number of shares issued has increased from 4,28,88,323 to 4,28,90,000 with this ESOP allocation. However, specifics on the number of employees benefiting from the plan were not provided.

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