- The Microsoft-backed startup has announced the distribution of $739,000 (over ₹5 crore) to liquidate eligible ESOP options.
- In this programme, which is a first for the company, eligible employees can liquidate 35% of their shares.
- With the announcement, FarEye joins the long list of startups who have been doling out rewards in ESOPs to employees.
Indian logistics platform FarEye is the latest to dole out rewards for employees by announcing a liquidation programme for ESOPs (Employee Stock Option Programme). The Microsoft-backed startup has announced the distribution of $739,000 (over ₹5 crore) to liquidate eligible ESOP options.
In this programme, which is a first for the company, eligible employees can liquidate 35% of their shares.
“We announced this liquidation to make employees partners in our success and to ensure they are able to create wealth for themselves and their families. The team has been able to generate significant liquidity for themselves, which gives us immense happiness & satisfaction. With this program, we will be able to reward our most important asset – our employees,” said Kushal Nahata, CEO, FarEye in a statement.
With the announcement, FarEye joins the long list of startups who have been doling out rewards in terms of ESOPs to employees.
Recent startups which rolled out ESOP buyback plans
|Swiggy||$7-9 million (reported value)|
|Urban Company||$5 million|
During the lockdown months, FarEye saw a spike in usage, expanded internationally and most recently raised $13 million in funding, closing the round where it raised $24.5 million in April.
FarEye saw a month-on-month 180% increase in usage during the lockdown months as it enabled B2B (business to business) and B2C (Business to consumer) last mile delivery.
“The sector in which we operate is currently digitized to less than 10%, so there is a race for the rest 90%. We want to separate out in the play where the SAPs, Oracles operate. The last mile market is reported to be $55 billion by 2025, our aim is to be in the top 4 players in the market and for that you need just 5% of the market,” Amit Bagga, Chief Revenue Officer, FarEye told Business Insider in a recent interview.
The Microsoft-backed 11-year old startup offers predictive analysis in the logistics sectors – where it gives its clients visibility over demand and buying trends. It works across channels – from manufacturers to retailers. Some of FarEye’s current clients are DHL, Amway, Hilti, Walmart, Domino’s, and Zomato.