Wakefit.co, a Bengaluru-based sleep and home-solutions D2C brand, on Friday announced it is offering its employees an Employee Stock Ownership Plan (ESOP) buyback option on the sidelines of its Series B funding.
In a release, the startup said the ESOP buyback worth Rs 15 crore is set to benefit about 15-20 employees, providing meaningful wealth creation opportunities for them. The scheme will allocate six to seven percent of the startup's shares to the employees’ part of the pool.
“Our workforce has stood together to set us on course to reach Rs 450 crore by FY2021, and we felt it was only fair that we make senior members of our team part of this growth journey. We hope that the ESOPS buyback option will continue to add value to our employees’ lives and keep them motivated as we venture into a new year poised with exciting challenges,” said Chaitanya Ramalingegowda, Co-founder and Director, Wakefit.co.
The roll-out of ESOPs buyback comes after Wakefit.co recently concluded its Series B round of funding, where the startup had raised Rs 185 crore at a valuation of Rs 1,900 crore led by European investment firm Verlinvest and Sequoia Capital India. As part of the ESOP plan, Wakefit.co will also add another 50-60 employees into the existing pool, benefiting early employees for their commitment and hard work.
As part of its aggressive growth plans, the startup further said it aims to increase its workforce from March 2020 by 400 percent to 3,000 employees by March 2021. It has already started training programmes for machine operators, carpenters, and other customer experience executives.
Founded in March 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit.co manufactures its products in-house across three locations and has 22 warehouses across India. It sells across the country through its own online portal and other ecommerce channels. The startup claims to have serviced over six lakh customers over five years.
Edited by Suman Singh