Alternative data insights startup Synaptic announced its first employee stock ownership plan (ESOP) buyback worth $1 million for 14 out of 80 of its employees in a statement on July 26.
“We have designed our ESOP programme to be best-in-class with employee-friendly features such as an extremely long exercise period and monthly vesting to reflect this intent,” said Anurag Abbott, Co-Founder of Synaptic.
Abbott believes that people are core to the success of the company and Synaptic will create more such opportunities for its employees as it scales.
The company also said that only those employees who have been with Synaptic for over a year could participate in the buyback programme. About 14 of its 80 employees have hence deemed eligible for this round.
Also Read: Why are many startups launching ESOP buybacks?
In May 2022, the company had raised $20 million as a part of its Series B funding round, led by Valor Equity Partners, and said it will double its employee headcount to 160 over the next 18 months. The company has offices in India and the US.
Earlier, the startup had also raised $6 million in seed and Series A funding from Ribbit Capital, Felicis Ventures, and Vy Capital Management.
Founded by Abbott and Rohit Razdan in 2016, Synaptic provides a data and insights platform to investors looking to leverage diverse alternative datasets in sourcing and tracking companies of interest, market research, and portfolio monitoring. The company was incubated by Vy Capital, a global technology investment firm with assets worth $6 billion under management.
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