Cashify launches ESOP buyback plan worth $1 million for its employees
Cashify is allowing its employees to liquidate up to 35% of their ESOPs.
Cashify on Thursday announced an employee stock ownership (ESOP) buyback plan worth $1 million. Under the scheme, employees will have an option to liquidate up to 35% of their ESOPs in the company.
The company noted that it was its first ESOP sale initiative. It added that the move would help the company recruit new talent while retaining existing employees.
“Cashify has thrived on the entrepreneurial spirit and sense of responsible ownership that our employees bring in their approach. The ESOP buyback is our way of acknowledging and rewarding their efforts. We believe that this will help unlock value, and create wealth for our high-performing talent,” said Mandeep Manocha, founder, and CEO of Cashify in a statement.
The ESOP buyback scheme comes after the e-commerce company raised $15 million in a financing round. The investment was made by New York-based Olympus Capital Asia's clean energy and sustainability platform, Asia Environmental Partners (AEP). Cashify had then said it would use the capital to accelerate its investment in the electronics reuse and recycling sector.
Separately, New Delhi-based Get My Parking (GMP) has announced the acquisition of Mobilytics, a Delhi NCR based startup that enables battery-as-a-service application for parking lots and the electric vehicle ecosystem.
“The acquisition of Mobilytics highlights Get My Parking's increased focus on the fast-growing electric vehicle industry. Get My parking is constantly looking at new ways to add value-added services to its portfolio, electric charging and battery swapping being one of the additional services for parking lots. The expertise of the Mobilytics team will come handy to amplify the range of delivery by Get My parking, making parking lots EV future-ready,” the company said in a statement.