Agritech startup Ninjacart announces INR 100 crore worth ESOP Buyback Program
- ByTejika Bajaj | January 5, 2022
The Indian agritech startup Ninjacart has recently announced an employee stock option plan (ESOP) buyback program worth more than INR 100 crore as a gesture of gratitude towards its employees.
Both former as well as current employees who have their ESOP entrusted to them since December last year are eligible to apply for the same. This announcement comes amidst multiple brand names utilizing ESOPs as a medium of employee retention and employee wealth creation.
Talking about the recent ESOP Buyback Program, the co-founder and CEO of Ninjacart, Thirukumaran Nagarajan said, “This ESOP buyback programme is a small gesture of our gratitude towards our employees because, without them, we will not be where we are today. ESOP buyback plans offer people a true chance at wealth creation and it allows employees to participate in the company’s success which has only been possible through their hard work and loyalty.”
Founded in 2015 by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK and Vasudevan Chinnathambi, Ninjacart is a grocery delivery startup that sources fruits, vegetables as well as other groceries from farmers and suppliers to supermarkets, kirana stores and other retailers.
The announcement of ESOP Buyback Program just comes a few months after various brands such as CRED, Meesho and PhonePe announced the same in an attempt to increase employee retention post pandemic. The ESOP phenomenon has seen a rise post pandemic as ecommerce startups experience a 15-20% attrition rate amongst middle level management.
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