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Flipkart-backed agritech platform Ninjacart has announced an employee stock ownership plan (ESOP) buyback worth ₹100 crore.
Both current and former employees with vested ESOPs as of December 2021 will be eligible for the buyback programme, with the option to sell their entire holding.
The latest ESOP buyback announcement comes on the heels of Flipkart and Walmart announcing a fresh round of joint strategic investment in Ninjacart worth $145 million. This is the company’s second ESOP buyback after a previous round in 2019.
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Thirukumaran Nagarajan, Co-founder and CEO, Ninjacart said, “This ESOP buyback programme is a small gesture of our gratitude towards our employees because, without them, we will not be where we are today. ESOP buyback plans offer people a true chance at wealth creation and it allows employees to participate in the company’s success, which has only been possible through their hard work and loyalty.”
Tax query: Am I eligible for grandfathering of tax on ESOPs?
The company says it is looking to acquire more skilled professionals and people with leadership characteristics.
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