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NowPurchase completes first-ever ESOP buyback
Industry News- Nov 25,24
The company recently secured $6 million in funding, raising its total funding to over $10 million.
NowPurchase, a B2B startup has completed its first-ever Employee Stock Option Plan (ESOP) buyback, marking a key milestone for the company and the startup ecosystem in Kolkata. The buyback, which was valued at approximately 100 times the initial purchase price, has had a transformative impact on employees' lives.
The ESOP buyback exemplifies NowPurchase’s commitment to building a world class team that reaps benefits of their hard work & are key shareholders of their company. The company recently secured $6 million in funding, raising its total funding to over $10 million. This round saw equity and debt investments from InfoEdge Ventures, Orios Venture Partners, 100 Unicorns, VC Grid, and a number of family offices and angel investors, all of whom endorsed the initiative.
Participating team members shared their future plans in a video -expressing aspirations to invest in financial markets, purchase their first car, or take steps toward homeownership. Several senior leaders like Sachin Singh, Prateek Losalka, and Nishant Singh, chose not to sell a good majority of their options, demonstrating their steadfast belief in the company’s vision.
Naman Shah, CEO and Co-founder, NowPurchase added, “It brings me immense joy that our ESOP program, launched on July 1st, 2019, has now enabled team members to benefit from our shared success. The fact that this buyback included employees across all functions —warehouse staff, potential CXOs, and everyone in between—highlights our commitment to growth and value creation for all. This wouldn’t have been possible without the support of our first institutional investors Orios & InfoEdge”.
Aakash Shah, Co-founder, NowPurchase, highlighted the company’s vision, “ESOPs have always been critical to both Naman and me. We have spent significant time making the team understand the value of ESOPs as part of our mission to uplift the nascent startup ecosystem in Kolkata. This buyback is a tangible culmination of the team reaping the rewards for their efforts. On the flip side, they have heavy skin in the game, and most have chosen to hold back their shares for even further growth.”
NowPurchase
ESOP
InfoEdge Ventures
Orios Venture Partners
100 Unicorns
VC Grid
Naman Shah
Aakash Shah
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