B2B commerce unicorn Moglix expands ESOP Pool to $10M covering 300+ employees
Noida-based B2B commerce unicornon Monday expanded its ESOP pool further by $10 million to include more than 300 employees under the programme. Moglix has also announced an ESOP buyback programme worth $3 million for all eligible employees with vested stocks on the heels of its recent fundraise. Employees will be able to sell up to 25 percent of their vested shares during the buyback.
Responding to queries on the expansion of the company’s ESOP umbrella, Rahul Garg, Founder and CEO, Moglix said,
“We believe ESOPs represent ownership mindset and belief in the vision. Typically B2B and Manufacturing are not seen as attractive sectors for talent. But through our ESOP programme, and our work culture we want to make it rewarding and meaningful to work in B2B. We want to enable long term wealth creation for employees and recognise their contribution and commitment.”
Rahul Garg, Founder, Moglix
One of the early joiners, Pankaj Kumar, who heads engineering and has been with Moglix for five years, shares, “Participating in the ESOP buyback was my “KBC” moment. You don’t imagine the scale of impact ESOPs can make in wealth creation; it can bring multi-generational change in just a few years.
I have not cashed most of my ESOPs, as I know that no other investment can give these kinds of returns, and this is the confidence I have in the potential of Moglix.”
Moglix has recently onboarded Falcon Edge Capital and Harvard Management Company as investors during a $120 million Series E fundraise in May 2021 to break into the unicorn club. With a valuation of $1 billion plus, 30 warehouses, and an export footprint covering 120 countries, the startup claims to be the largest commerce platform of industrial goods in India.
Earlier this month, Moglix has acquired Vendaxo, an ecommerce platform for buying and selling of used machinery.
Through the acquisition, Moglix said it wants to provide access to high value capital goods at economical prices to manufacturers.