Home Interiors Startup HomeLane announces INR 27 crore ESOP Buyback Program
- ByTejika Bajaj | January 12, 2022
The home interiors startup HomeLane has recently announced its ESOP (Employee Stock Option Plan) Buyback Program worth INR 27 crore. This happens to be the second time that the company has bought back the ESOPs issued by them to the employees.
This round comes at the back of the startup raising funds against its Series E round of funding led by IIFL AMC’s Late Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund) and Stride Ventures.
As per the terms of the buyback, both former as well as current employees are eligible for this scheme. While the former employees have been offered 100% liquidity against the vested ESOPs, the active employees have an option to exercise up to 35% of their vested ESOPs. The sale proceeds through this ESOP program have helped the employees in fulfilling their aspiration of purchasing cars, homes, investing in retirement funds and donating for causes they feel strongly about.
“We 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’s conviction and relentless efforts have powered our exponential growth. We facilitated the Esop buyback to acknowledge their enduring contribution; this is our way to express gratitude, by supporting them in their wealth creation journey,” said Srikanth Iyer and Tanuj Choudhry, co-founders, HomeLane.
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