Awign, a work-fulfillment platform launches the first ESOP buyback for Rs 4 crore
- ByStartupStory | November 3, 2022
Awign, an on-demand labour platform, has revealed details of its first employee stock option (ESOP) buyback programme, which would cost Rs. 4 crores. Following the company’s $15 million Series B financing, which was headed by Bertelsmann Investments India, the announcement was made. To date, it has raised a total of $22.3 million.
Awign claims that qualified workers will be able to sell their vested stock in the company and take part in the ESOP repurchase. There will be an option for current and former workers to sell a portion of their equity. Awign was founded by Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah in 2016. By addressing end-to-end outcome-based execution together with discovery, deployment, and payroll administration, Awign enables firms to run their operations at scale.
Through a community of 1 million gig partners, Awign provides on-demand task fulfilment across nine main enterprise activities to over 100 large enterprises. By the end of 2023, it intends to increase staff by a factor of two.
In the first half of 2022, or H1 2022, more than 20 startups announced ESOP buybacks, liquidity events, or sales totalling around $200 million, according to data provided by Fintrackr. The total buyback amount from the previous year was about $440 million. Both the retail-tech startup Daalchini and the health-tech startup Orange Health made their ESOP buyback plans public during the first half.
While ESOP buybacks have been less frequent in the second half of 2022 compared to the first, a number of growth-stage and late-stage firms have either extended or introduced their new ESOP scheme this year. HomeLane, Ultraviolette, Waycool, Amagi, NoBroker, DealShare, Money View, Purplle, LEAP, Wiz Freight, Ather Energy, Ninjacart, and Ecom Express are just a few of the companies on the list.
Follow Startup Story
Related Posts
