Share buyback worth $9.5 Mn executed by Livspace
- ByStartupStory | April 8, 2022
Livspace, an omnichannel home interior and renovation platform recently turned unicorn, has executed a share buyback program primarily from its top-level executives.
The company’s regulatory filings in Singapore shows that a special resolution has been passed by Livspace in order to approve the buyback of 15,670 equity shares from 5 shareholders which represents 6.06% of the total number of issued and fully paid-up equity shares of the company.
Following a $180 million Series F round led by KKR & Co in February this year, Livspace was valued at around $1.2 billion. The company had also increased its ESOP pool to $40 million and MSOP pool to $55 million right before the Series F infusion.
The buyback is worth around Rs 72.2 crore or $9.5 million, as per Fintrackr’s estimates.
By tendering shares worth Rs 53.02 crore, the company’s co-founder Shagufta Anurag has become the biggest beneficiary of this buyback. Through the buyback, the company’s chief business officer Saurabh Jain realised Rs 7.5 crore. Ramakant Sharma (co-founder of Livspace), Pay Later Partners, and Shweta Mishra have sold shares worth Rs 3.7 crore, Rs 5.2 crore, and Rs 3.01 crore respectively.
Notably, in the buyback program Livspace’s co-founder and CEO Anuj Srivastava have not participated.
Further, secondary transactions has also been executed by the company in which Guneet Singh Kawatra sold his shares to Malacca Global worth Rs 1.01 crore and Saurabh Jain sold his shares to TPG Growth worth Rs 1.74 crore.
Livspace has become the second startup to conduct a share buyback program in recent times in its growth stage. Upstox, an online investment platform, earlier this week had executed a share buyback plan from its founders and employees worth around $4 million.
Livspace generates about 79% of its revenue from India and the remaining from Singapore, it is currently present in 28 cities in India.
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