Whatfix announces first ESOP buyback; assigns $4.3M to scheme
All eligible current and former employees will have the option to liquidate up to 35 percent of their vested ESOPs.
B2B digital adoption solutions (DAS) provider Whatfix on Tuesday announced that it has implemented an employee stock ownership plan (ESOP) buyback of $4.3 million (Rs 32 crore) for its employees.
According to the company, Whatfix is granting the option to liquidate up to 35 percent of their vested ESOPs to the employees. This is the first buyback by the company where over 80 percent of the eligible 175 employees have chosen not to liquidate their vested shares. Both current and former employees will be able to avail the value of shares at the series D, non-discounted valuation of the company.
Commenting on the development, Khadim Batti, Whatfix CEO and Co-founder, said,
“Today, Whatfix is a leading digital adoption platform (DAP) and this success is a result of the amazing work done by our employees. Even as the world experienced unprecedented challenges, our employees managed to turn this period into one of the strongest times for us. It is important that as we continue to grow, our employees grow along with us. Through this ESOP buyback, we are thanking and rewarding our employees for their continued faith in our success.”
Whatfix recently announced the close of its series D fund, raising $90 million in a round led by SoftBank Vision Fund 2, with participation from Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital, and Cisco Investments. The company claims to have experienced hyper-growth over the last two years, with revenue and headcount tripling and opening three new offices in the United Kingdom, Germany, and Australia. Whatfix currently has 500 employees across six global offices.
Also, Whatfix claims that it has a proven record of increasing employee productivity by 35 percent, reducing training time and costs by 60 percent, reducing employee case tickets by 50 percent and increasing application data accuracy by 20 percent. The company is based in San Jose, San Francisco, London, Melbourne, Sydney, and Bengaluru.