Log9 Materials announces Rs 1.5 Cr worth ESOP buyback, to benefit 17 employees
The ESOP buyback programme extends to 17 employees, spanning various age groups, and includes Log9 Materials' long-serving and new employees.
Deep tech startupon Thursday announced an Employee Stock Ownership Plan (ESOP) buyback worth Rs 1.5 crore in 2023, extending to 17 long-serving and new employees. The development follows last year's ESOP buyback programme worth nearly Rs 1 crore.
"This ESOP buyback isn't a one-time occurrence for Log9; it's a practice the company intends to incorporate in the coming years, reflecting Log9's belief in the importance of sharing the company's journey towards success with those who have contributed to its growth," the company said in a statement.
Log9 Materials specialises in advanced battery technology, focusing on lithium-titanium-oxide batteries for electric vehicles (EVs). The company started with graphene-enhanced products, including air filters and oil filters, before it transitioned to the EV sector with its RapidX battery range.
These batteries are designed to operate in diverse climatic conditions with rapid charging capabilities, extended lifespan, and robust safety features. Further, Log9 Materials engages in lithium-ion recycling to reduce the carbon footprint of its batteries.
Founded by Akshay Singhal, the Bengaluru-based company raised a Series B funding round in January led by Amara Raja Batteries and Petronas Ventures, supported by Sequoia, Exfinity Ventures, Incred Financial Services, and more.
With an annual revenue rate of $20 million and $65 million in total funding secured, the company wants to be a significant player in the clean mobility and energy sector. It also aims to expand its battery manufacturing capabilities and establish India's first fully integrated lithium-ion cell production line.
Other startups that announced ESOP buyback schemes this month are SaaS fintech startup Perfios, which said it would purchase equity shares valued at Rs 154 crore from 135 of its employees, thereby creating 62 millionaires. Also, Betterhalf, a wedding and matrimony services startup, introduced its second ESOP buyback, benefiting 29 existing and former employees.
Edited by Suman Singh