FarEye announces second ESOP buyback worth $1.22M

Software-as-a-Service (SaaS) logistics startup FarEye on Monday announced an Employee Stock Ownership Plan (ESOPs) worth $1.22 million, its second such programme since December 2020, when it liquidated eligible ESOP options worth $739,000. 

The latest ESOP buyback, the startup says, is in line with the startup's aim of “rewarding and recognising employees’ dedication and hard work in driving FarEye’s growth over the last year”.  

FarEye, founded in 2013 by Kushal Nahata, Gaurav Srivastava, and Gautam Kumar, offers a platform for brands to launch multiple delivery models like same-day, next-day, on-demand, and curbside from multiple inventory locations. It had raised $100 million in Series E round led by TCV and Dragoneer Investment Group. 

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"Our people are our greatest asset and their hard work and dedication has enabled us to grow rapidly over the past year. This ESOP is our way of showing our gratitude and in turn, making our employees become partners in our success,” Kushal Nahata, CEO of FarEye, said in a statement. 

Both past and present employees are eligible for the programme.

“There has been no distinction made between present and past employees, as the company looks to acknowledge the contribution of all members of the FarEye family in their journey,” the company said. 

The startup plans to grow its employee base to over 1,000 this year, from over 700 at the present. Last year, FarEye’s ESOP holders grew more than five times (400 percent) to over 200 employees. 

FarEye says it has five global offices and more than 150 customers including across more than 30 countries. Its customers include global logistics giant DHL, retailer Walmart, health and home care products company Amway, and pizza and restaurant chain Dominos among others.