Sunstone announces its first ESOP buyback worth Rs 18 Cr
Twenty of Sunstone’s current and former employees who have been with the company since its early days are a part of the pool that has benefitted from this buyback.
Gurugram-based higher education startup said its ESOP (employee stock ownership) buyback, led by WestBridge Capital, witnessed a total transaction of Rs 18 crore.
Twenty of Sunstone’s current and former employees who have been with the company since its early days benefitted from this buyback. As a part of this buyback policy, 57% of the vested shares held by the employees taking their exit were eligible for selling.
“This first-ever ESOP buyback is one of our ways to acknowledge their hard work and efforts towards building Sunstone. The youngest member of Sunstone who benefited is 26 years of age, and we want all our employees to grow with the organisation," Ashish Munjal, Co-founder and CEO of Sunstone, said.
“With an employee-first attitude, Sunstone wants to create wealth for its 700+ employees, and we are committed to creating more such opportunities in the future,” added Ashish.
Founded by Ashish Munjal and Piyush Nangru in 2019, Sunstone raised $28 million in Series B in October 2021. In August 2022, it raised $35 million in Series C funding led by WestBridge Capital.
The company, with a presence across 35 cities in 40 institutions, is building capacities to expand into 100 cities across India.
Over $400 million worth of ESOPs were bought back by Indian startups in 2021, according to a report on startups by NASSCOM and consultancy firm Zinnov.
Edited by Affirunisa Kankudti