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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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Related News
The Sleep Company Rolls Out Second Tranche Of INR 2.4 Cr ESOP Buyback For Employees
Inc42
·
1y ago
Medial
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.
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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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Whatfix rolls out $58 Mn liquidity event for employees and investors
Entrackr
·
10m ago
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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A23-parent Head Digital Works rolls out ESOP buyback worth $3 Mn
Entrackr
·
9m ago
Medial
Head Digital Works, the parent company of skill gaming platform A23, has completed its first-ever employee stock options (ESOP) buyback program, totaling $3 million. Approximately 97% of eligible ESOP holders participated in the program, with nearly half of the company's 500+ employees benefiting from the buyback. Head Digital Works, founded in 2006, offers online gambling and fantasy gaming platforms such as A23, Fanfight, and Cricket.com, with over 70 million registered users. The company aims to promote Rummy as a professional game and has raised $91 million in funding. Several other startups have also implemented ESOP buybacks in 2024, amounting to over $190 million.
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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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Agritech startup DeHaat completes its first ESOP buyback
Entrackr
·
1y ago
Medial
Full stack agritech platform DeHaat has completed an employee stock ownership plan (ESOP) buyback program worth Rs 10 crore ($1.2 million). This is the first ever ESOP buyback for the Patna and Gurugram-based company. “The buyback saw 153 team members spread across senior vice president rank to field teams got the opportunity of wealth creation,” said Rishu Garg, who heads the people function at DeHaat. To date, DeHaat has issued ESOPs worth over Rs 100 crore ($12 million) to more than 200 individuals. DeHaat is a marketplace for the agricultural sector which offers distribution of high-quality agrarian inputs, advisory, lending, and market linkages for selling their produce. The company recently roped in Bollywood actor Pankaj Tripathi as its brand endorser and onboarded agri industry veteran Dr. K V Subbarao as its first Independent Advisor. DeHaat’s gross revenue grew 54.2% to Rs 1,965 crore in FY23 from Rs 1,274 crore in FY22. The company said that its revenue from operations increased 40% to Rs 2,700 crore while losses was reduced by 50% in FY24. The firm aims to achieve full year profitability during FY25. Dehaat has raised around $230 million to date and was valued at over $705 million according to startup data intelligence platform TheKredible. Last week, study abroad platform Leverage Edu announced its second ESOP buyback program. In the ongoing calendar year, Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, and Pocket FM also completed their ESOP buyback scheme.
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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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Log9 Materials Launches INR 1.5 Cr ESOP Buyback Plan to Reward Employees
Business Bytes
·
1y ago
Medial
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.
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AppsForBharat announces first ESOP buyback worth Rs 2.1 Cr
YourStory
·
9m ago
Medial
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.
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Even Healthcare launches first ESOP buyback worth $500K
Entrackr
·
4m ago
Medial
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.
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