DeHaat Completes First ESOP Buyback Worth Rs 10 Crore
- ByStartupStory | June 12, 2024
Business-to-farmer (B2F) agritech platform DeHaat has completed its first Employee Stock Ownership Plan (ESOP) buyback, amounting to Rs 10 crore. This initiative reflects DeHaat’s commitment to wealth creation and growth opportunities for its employees.
“The ESOP buyback programme demonstrates our dedication to our employees, and we are glad to generate wealth creation opportunities and foster a culture of growth inside the firm,” said Shashank Kumar, Co-founder and CEO of DeHaat.
The company reported a robust financial performance for FY24, with revenue from operations increasing by 40% to Rs 2,700 crore and losses reducing by 50%. This growth has been attributed to high-margin businesses such as the export of sustainably grown farm produce, food processing, and the sale of biological Ag-Inputs.
DeHaat has ambitious plans for the future, aiming to achieve full-year profitability by FY25. Highlighting its commitment to its workforce, DeHaat has issued ESOPs worth over Rs 100 crore to more than 200 individuals. The first ESOP buyback saw participation from 153 employees across various ranks, from Senior Vice President to field teams, offering them significant wealth creation opportunities.
In a bid to strengthen its advisory and brand presence, DeHaat recently onboarded agri industry veteran Dr. K V Subbarao as its first independent advisor and signed Bollywood actor Pankaj Tripathi as the brand endorser for its parent brand and farmer services.
DeHaat continues to enhance the agricultural sector by offering services such as direct market access, quality inputs, and expert agri advisory, which assist farmers in improving their income and achieving financial security. Currently, the company operates in 12 agrarian states across India and serves over 1.8 million farmers.
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