Bangalore: Meesho, India’s leading social commerce platform, today announced that it has implemented an employee stock ownership plan (ESOP) buyback for its employees. The total worth of the ESOP re-purchasing program is expected to be approx. $5 million.
This is the second buyback by the company where the eligible employees were eligible to exercise their option to sell up to 100% of their vested ESOP shares. Employees ranging from junior most executives to senior leadership will take part in the exercise.
Speaking on the new development, Vidit Aatrey, Founder & CEO, Meesho said “We at Meesho believe our employees to be our assets. The journey for everyone at a young company like ours has been interesting especially by the sheer rate at which we have grown in scale and speed. This venture is driven by a sense of entrepreneurship and responsible ownership on the part of each employee of the company, hence, with this second buyback we want to acknowledge their continued efforts and reward them for their contribution in building Meesho and thereby instill confidence in our existing and potential employees. This only strengthens our purpose to work hard and create entrepreneurs across the country.”
Social Commerce is becoming a strong force in taking e-commerce to the next billion customers. In the ‘new normal’ Indian hinterlands will witness a shift in consumer market which will be instrumental in re-shaping the future of retail and consumer industry. With an intent to lift the consumer experience, technology will play a vital role in the enhancement of experience throughout their shopping journey. The business has grown ~4X compared to pre-COVID levels and now we have ~7M entrepreneurs on the platform.