Vegrow, an agritech firm financed by Elevation Capital, has created a $3.5 million ESOPs pool
- ByStartupStory | February 24, 2022
To reward its employees, Vegrow, a fresh farm produce supply chain business, has launched a new Employee Stock Ownership Plan (ESOP) pool worth Rs 26 crore ($3.5 million). This arises as many early and growth-stage companies create and extend their ESOP pools, as well as purchase back shares from employees.
According to the firm’s regulatory filings with the MCA, Vegrow has approved a special resolution to establish an ESOPs Plan with 16,308 options, each option convertible into one equity share of the company.
The newly accepted ESOP pool is valued at about Rs 26 crore, or 7.24 per cent of the company’s outstanding equity share capital.
The news comes seven months after the Bengaluru-based startup raised $13 million in a Series A investment led by Lightspeed Venture Partners and Elevation Capital. Matrix Partners India, for example.
According to our data platform Fintrackr, the firm has raised $15.5 million to date and is valued at roughly $50 million.
Vegrow smooths the supply chain for fruits and vegetables, founded by Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu, and Kiran Naik. Businesses benefit from its technological platform, which includes farm discovery, quality assessment, and market data, while farmers benefit from Vegrow’s advice, packaging, and transportation services.
Homegrown firms purchased back ESOP valued more than $440 million in 2021, according to Fintrackr, an almost nine-fold increase from $50 million the previous year.
Aside from institutional investors, Vegrow has a number of angel investors, including Sanjiv Rangrass, Rohit MA, Ramakant Sharma, and Amit Lakhotia.
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