Moglix expands ESOP programme to $10M covering 300+ employees

• ByStartupStory     |    July 26, 2021

B2B commerce unicorn Moglix expands ESOP Pool to $10M covering 300+ employees. The programme which is worth $3 million for all eligible employees with vested stocks on the heels of its recent fundraise. Employees will be able to sell up to 25 percent of their vested shares during the buyback. Rahul Garg, Founder and CEO, Moglix said, “We believe ESOPs represent ownership mindset and belief in the vision. Typically B2B and Manufacturing are not seen as attractive sectors for talent. But through our ESOP programme, and our work culture we want to make it rewarding and meaningful to work in B2B. We want to enable long term wealth creation for employees and recognise their contribution and commitment.” Moglix has recently onboarded Falcon Edge Capital and Harvard Management Company as investors during a $120 million Series E fundraise in May 2021 to break into the unicorn club.
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Moglix has a valuation of $1 billion, 30 warehouses, and an export footprint covering 120 countries, the startup claims to be the largest commerce platform of industrial goods in India. Earlier this month, Moglix acquired Vendaxo, an ecommerce platform for buying and selling used machinery. Through the acquisition, Moglix said it wants to provide access to high value capital goods at economical prices to manufacturers. “I have not cashed most of my ESOPs, as I know that no other investment can give these kinds of returns, and this is the confidence I have in the potential of Moglix,” said Pankaj Kumar, who heads engineering and has been with Moglix for five years.

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