Meesho initiates its largest ESOP buyback programme of Rs 200 Cr
This marks the fourth wealth generation opportunity at Meesho. The Softbank-backed ecommerce startup bought back shares worth $1 million in February 2020, $5 million in November 2020, and $5.5 million in October 2021.
Softbank-backed ecommerce startup has initiated an employee stock ownership plan (ESOP) buyback programme of Rs 200 crore ($25 million).
This marks the company’s largest ESOP buyback pool to date, generating wealth creation for over 1,700 employees, Meesho said in a statement.
Current and ex-employees who are eligible, from junior-level executives to senior leadership, can voluntarily participate in the initiative.
“At Meesho, our employees are the driving force behind our success and we’re thrilled to announce our biggest ESOP buyback programme undertaken to date," said Ashish Kumar Singh, CHRO at Meesho.
"It underscores our commitment to rewarding our teams, and we are pleased that despite prevailing macroeconomic conditions, we persist in providing opportunities for wealth creation and nurture a culture of growth within the organisation,” he added.
This ESOP buyback programme is the fourth wealth generation opportunity at Meesho, with the size increasing each time, said the company. Meesho bought back shares worth $1 million in February 2020, $5 million in November 2020, and $5.5 million in October 2021.
The company said it has maintained profitability and positive cash flow since achieving profitability in July last year.
Meesho has onboarded around 3,000 regional and local entrepreneurs across 6,000 pin codes in 20 states. It offers small businesses, including SMBs, MSMEs, and entrepreneurs, access to millions of customers, a diverse selection from over 30 categories, pan-India logistics, payment services, and customer support capabilities.
The startup recently ventured into the logistics sector through Valmo, a supply chain service that aims to provide cost-effective solutions to micro-enterprises.
Edited by Swetha Kannan
