Social e-commerce platform, Meesho, has announced a share buy back scheme for its employees. The Employee Stock Ownership Plan (ESOP) is worth about Rs 37 crore, and all employees from all levels are allowed to vest all their shares, if they wish to.
This the second time Meesho is offering such an initiative.
The Company has experienced a surge in entrerpreneurs on its platform ever since the pandemic. It now boasts of more than 70 lakh entrepreneurs on its platform.
This is the Company’s way of acknowledging the efforts and contributions of its employees. The Bengaluru-based company, which is backed by Facebook, was founded by IIT-Delhi graduates Vidit Aatrey and Sanjeev Barnwal five years ago. It focusses on helping people start their online businesses without capital. It makes it possible for budding entrepreneurs to sell on WhatsApp, Facebook and Instagram by equipping them with the required ingredients — products, logistics and payment tools.
Naturally, a significant 70 per cent of these new entrepreneurs are homemakers, students and women professionals who are taking a break. Not surprisingly, Meesho, as a brand, is dedicated to helping women achieve financial independence.
Facebook, Prosus Naspers, Elevation Capital, Sequoia, Shunwei Capital, DST Partners, RPS Ventures, Venture Highway, Y Combinator and Arun Sarin, ex-CEO, Vodafone are the investors in Meesho.
Recently, Swiggy also announced a share buy-back scheme for its employees worth about seven to nine million dollars.