The Sleep Company Empowers Employees with Second Tranche of ESOP Buyback Worth Rs 2.4 Crore

• ByStartupStory     |    April 11, 2024

The Sleep Company has announced the commencement of its second tranche of Employee Stock Ownership Plan (ESOP) buyback, amounting to a substantial Rs 2.4 crore. This initiative underscores the brand’s unwavering commitment to diversity and inclusion, with a notable 50% allocation for women employees, as elucidated in the company’s official statement released on Wednesday.

Remarkably, the swift rollout of this program within a span of four years since its inception highlights The Sleep Company’s steadfast dedication to prioritizing the welfare of its workforce, regardless of their seniority within the organization.

Notably, The Sleep Company had initiated its inaugural ESOP buyback program in 2023, marking a significant milestone with a value of Rs 83.47 lakh.

Priyanka Salot, Co-founder of The Sleep Company, expressed the company’s ethos and intentions behind this initiative, stating, “The Sleep Company introduced its ESOP programme three years ago, with the goal of providing employees with consistent wealth creation opportunities. We strongly believe that every employee must be rewarded for their contribution to the growth and success of the company and thus employees across the board will get the same amount of ESOP under the current plan.”

Salot further emphasized, “As we embark into the new year with new challenges, we hope the ESOP buyback option will continue to enrich the lives of our employees and keep them motivated.”

With an expansive omnichannel model, The Sleep Company currently boasts over 70+ stores nationwide and is poised to surpass the milestone of 150+ stores by the culmination of 2024. In line with its ambitious growth trajectory, the company aims to bolster its workforce by recruiting over 500 employees by the end of the same year.

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