Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
Budget & You Live : Real-Time Analysis Of All The FM’s Big Announcements
Budget 2023
Budget 2023

Meesho announces ESOP buyback worth $5.5 million

Last year, the company implemented its second buyback worth about USD $5 million

October 29, 2021 / 12:16 PM IST

Social commerce platform Meesho has announced a $5.5M an employee stock ownership plan (ESOP) liquidity program for all the eligible employees. Last year, the company implemented its second buyback worth about USD $5 million (about Rs 37 crore).

Vidit Aatrey, founder and CEO, Meesho, said, “We continue to see meteoric progress not only as a business but also in our efforts to democratize internet commerce for everyone. Our employees have been at the forefront of driving this momentum, and we want to give them ample opportunities to celebrate and grow with us. As we hire across the board and scale our tech and product talent by 2.5X, ESOPs will give employees high ownership, while providing more opportunities for wealth creation.”

The company in its press statement said that over the last six months, the company has seen 2.8X growth in monthly transacting users and a 2.5X rise in monthly orders. The company now aims to reach 100 million transacting users by December 2022.

Last month, Meesho raised a $570 million Series F from Fidelity Management & Research Company, B Capital Group, and other new and existing partners like Prosus Ventures, SoftBank Vision Fund 2 and Facebook, at a valuation of $4.9 billion.