FarEye, a global SaaS platform that transforms last-mile logistics, today announced a buyback for Employee Stock Ownership Plan (ESOP) holders valued at US$1.22 million. This is FarEye’s second liquidation programme, following a $739,000 liquidation of eligible ESOP options in December 2020.
According to the company’s statement, the SaaS startup will use its cash reserves to buy back the vested ESOPs. FarEye launched a revised ESOP programme in 2021 with the goal of making it more employee-friendly and democratising ESOP grants to a large portion of its 700+ employees worldwide.
FarEye provides a platform for brands to launch multiple delivery models from multiple inventory locations, including same-day, next-day, on-demand, and curbside.
According to the statement, the number of ESOP holders has increased by more than 400 percent in the last year to over 200 employees, a number that is expected to continue to rise rapidly.
FarEye will allow eligible employees to liquidate a fixed proportion of their vested ESOPs for a total value of $1.22 million as part of this liquidation. For its ESOP buyback programme, the company has made no ‘difference’ between current and former employees.
Kushal Nahata, Gaurav Srivastava, and Gautam Kumar Co-founded the startup in 2013. This ESOP is our way of showing our gratitude and in turn, making our employees become partners in our success. Through our team’s talent and perseverance, we have been named a ‘Great Place to Work’ for the third time in a row in 2021 and we are dedicated to cultivating the same healthy, supportive environment as we plan to expand our team further in 2022,” Kushal Nahata said.
FarEye, which has its offices in London, Chicago, New Delhi, Singapore, and Dubai, plans to increase its employee strength to over 1,000 this year.
The startup claims to have over 150 customers across 30+ countries. Some of its notable clients are Domino’s Pizza, Central Group, UPS, and Zalora. It processes over 100 million transactions monthly, supports more than 25,000 drivers and is integrated into a network of over two million vehicles, improving billions of deliveries worldwide, it said.
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