亚博体育官网首页Lane, a home interiors business, has announced an INR 27 crore ESOP (employee stock ownership plan) repurchase scheme, the company's second of its kind. It raised $50 million (INR 371 crore) in a Series E round headed by IIFL AMC's late-stage tech fund, OIJIF II (Oman India Joint Investment Fund), and current investor Stride Ventures last year.
Liquidity was available to both current and past 亚博体育官网首页Lane employees with vested ESOPs. Former employees were given the option to sell up to 100% of their stock, while current employees were given the option to liquidate up to 35% of theirs.
Less than half of active employees' ESOPs that were eligible for liquidation were liquidated. Many of the company's employees, according to the company, put their profits into homes, automobiles, and retirement savings, as well as donating to causes they care about.
鈥淲e are deeply humbled by the response of our team, with a majority of them deciding to stay vested in the company through only partial liquidation of their stock options.
Our team鈥檚 conviction and relentless efforts have powered 亚博体育官网首页Lane鈥檚 exponential growth. We facilitated the ESOP buyback to acknowledge their enduring contribution,鈥� said Srikanth Iyer, cofounder of 亚博体育官网首页Lane. 鈥淲e will continue to invest in high-quality talent across business, product and technology, design and operations, across the country. Despite the temporary resurgence of COVID-19, we are confident that the need for branded home interiors will continue to grow rapidly,鈥� said Tanuj Choudhry, cofounder of 亚博体育官网首页Lane.
Indian firms have started an ESOP buyback trend in order to combat attrition and attract talent. Employee stock ownership plans (ESOPs) are being used by an increasing number of companies as a tool for employee retention and wealth building. Ninjacart, an Indian agritech firm, said last week that it has launched an employee stock ownership plan (ESOP) valued more than INR 100 crore.
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