Zypp Electric’s ESOP buyback programme is an exciting step towards recognising employees’ valuable contributions and involving them in the company’s success.
On July 27, Zypp Electric, an innovative Indian startup operating in the burgeoning electric vehicle (EV) space, made a significant announcement that grabbed the attention of both employees and industry experts. The company revealed its employee stock ownership plan (ESOP) buyback program, becoming the first-ever EV-as-a-service platform in the country to introduce such a scheme.
The ESOP buyback program is an exciting development for Zypp Electric and its workforce. This initiative reflects the company’s commitment to recognising the valuable contributions of its employees and ensuring they actively participate in the organisation’s success. Under this plan, Zypp Electric has set aside a substantial amount of INR 1.5 crores to buy back ESOPs from 15 eligible employees.
Zypp Electric’s CEO and co-founder, Akash Gupta, expressed his enthusiasm for the initiative, stating that every team member plays a pivotal role in the company’s growth. By providing an opportunity for employees to realise the value of up to INR 50 lakh individually, the startup aims to reward their hard work and dedication. This move is expected to foster a sense of ownership and further motivate the workforce to contribute to the company’s continued progress.
Since the announcement, Zypp Electric has witnessed an encouraging response from its employees. Many more team members have shown interest in availing the ESOP opportunities, demonstrating their faith in the company’s vision and growth potential.
With a current fleet of over 16,000 electric scooters and a dedicated workforce of approximately 500 employees, Zypp Electric continues to be a trailblazer in the Indian EV industry. The company’s unwavering focus on sustainability, innovation, and customer satisfaction has contributed to its rapid growth and widespread popularity.