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MyGate announces ESOP buyback for over 50 employees
Entrackr
·
1y ago
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.
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XYXX announces ESOP buyback program
Entrackr
·
1y ago
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.
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Edtech Soonicorn Classplus Announces Second ESOP Buyback For Over 150 Employees
Inc42
·
1y ago
Medial
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.
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Tiger Global-Backed MyGate To Offer ESOP Buyback For 51 Employees
Inc42
·
1y ago
Medial
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.
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Flipkart announces new ESOP liquidity worth $50 Mn
Entrackr
·
28d ago
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.
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Leverage Edu announces second ESOP buyback
Entrackr
·
1y ago
Medial
Leverage.biz, which runs study abroad platform Leverage Edu, Fly.Finance and Fly Homes, today announced that it has completed its second ESOP buyback exercise. Over 50 employees of the company across functions were able to benefit from this exercise. However, the company did not disclose the amount of the stock buyback. Seven-year-old Leverage Edu provides full-stack services including counseling, application-admission support, and financing to students pursuing international education. It assists students from India, Nigeria and Nepal, among others. The company raised $40 million a mix of debt and equity led by Educational Testing Service (ETS) in July last year. It has raised around $70 million across rounds and was last valued at around $140 million. As per startup data intelligence platform TheKredible, Blume Ventures is the largest external stakeholder in Leverage Edu with 16.9% followed by Tomorrow Capital and DSG Consumers Partners. The company’s revenue from operations spiked 228% to Rs 69 crore in FY23 from Rs 21 crore in FY22 while its losses jumped 70% to Rs 103 crore in FY23 from Rs 47 crore in the previous year. 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, Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, and Pocket FM also completed their ESOP buyback scheme.
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Meesho announces its largest ESOP buyback worth Rs 200 Cr
Entrackr
·
1y ago
Medial
Meesho has announced the initiation of an employee stock ownership plan (ESOP) buyback program of Rs 200 crore (approximately $25 million), making it the company’s largest ESOP buyback pool to date. This marks the fourth buyback at the horizontal e-commerce unicorn. The company bought back shares worth $1 million in February 2020, $5 million in November 2020 and $5.5 million in October 2021. The new buyback will benefit around 1,700 past as well as present employees across junior-level executives to senior leadership. Meesho provides small businesses, which includes SMBs, MSMEs and individual entrepreneurs, access to millions of customers, selection from over 30 categories, pan-India logistics, payment services and customer support capabilities. The Vidit Aatrey-led company recently announced the launch of Valmo, a full fledged logistics marketplace that allows the network of micro-entrepreneurs to become Meesho logistics partners. In July 2023, Meesho claimed that it was the first horizontal Indian e-commerce company to turn profitable. Since announcing profitability in July 2023, the company continues to remain profitable and cash flow positive. The company also cut its losses in FY23 by 48% but its revenue spiked 77% year-on-year to Rs 5,735 crore in the last fiscal year. Recently, community management app MyGate rolled out employee stock buyback program for more than 50 employees. 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.
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Swiggy announces fifth Esop plan worth $65 million
Economic Times
·
1y ago
Medial
Food delivery giant Swiggy has announced its fifth employee stock ownership plan (Esop) buyback, with a value of $65 million. This move is aimed at acknowledging employees' contributions and rewarding them for their dedication. Swiggy has already facilitated over Rs 1,000 crore in Esop liquidity across five events, benefiting more than 3,200 employees. The company believes that employee ownership creates incentives and fosters collaboration, leading to shared success and growth.
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The Sleep Company rolls out second tranche of ESOP buyback for 105 employees
Entrackr
·
1y ago
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.
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Darwinbox completes Rs 86-crore Esop buyback from 350 employees
Economic Times
·
1m ago
Medial
Darwinbox, a SaaS unicorn specializing in HR services, completed an Rs 86-crore ESOP buyback from 350 employees, marking its largest such initiative. This is the company's third ESOP buyback in four years. The move reflects Darwinbox's commitment to employee wealth creation as the firm continues to grow. Darwinbox aims for over 50% revenue growth in FY25, building on a 58% rise in FY24 revenue, driven by international expansion and enhanced R&D efforts.
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EV-focused startup Log9 Materials announces ESOP buyback worth Rs 1.5 crore
IndianStartupNews
·
1y ago
Medial
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.
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