Udaan, the Bengaluru-based online business-to-business (B2B) marketplace, has launched a liquidity programme for its staff as a reward for their hard work. The Company will buy back employee stocks worth Rs 165-175 crore. This is a move towards facilitating the staff to create wealth amidst these challenging times and acknowledge the fact that the employees played a significant role in the Company’s success.
The Company has benefited from the rise in demand for online purchases due to the mobility restrictions imposed across states because of the pandemic. It has, therefore, seen significant business growth across its verticals, including food, lifestyle and electronics. Its daily food business volume has already crossed 8,000 tonnes.
The ESOP buy-back scheme will benefit all active staff who have vested stocks as on March 31, 2021 and who are not serving their notice period.
As per media reports, some investors are keen to be part of Udaan’s growth via a second stock buyout programme.
The Company’s reach spans about 15 million manufacturers, about 30 million retailers, and at least 10 million institutions including offices, schools, cafes, restaurants and hotels.
The last valuation of Udaan stood at $3.2 billion, when it had managed to raise funds to the tune of $280 million. Among those who invested were, Citi Ventures, Tencent Octahedron Capital, GGV Capital, Altimeter Capital Moonstone Capital, Lightspeed Venture Partners, partners of DST Global, Hillhouse Capital and Footpath Ventures.
