Cashify, India’s leading re-commerce marketplace that sells and buys used electronic gadgets, announced employee stock ownership (ESOP) buyback plan worth $1 Million. Under the plan employees would be given the option to liquidate upto 35% of their vested Employee Stock Options (ESOPs). The share buyback plan comes at a time when the company claims that it is growing at the rate of 7-8% month-on-month.
“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.
This announcement comes after the company raised USD 15 million from Olympus Capital. It is the first ESOP sale event and re-affirms Cashify’s commitment to provide ownership and rewards to those who are contributing to its success and to use it as an instrument to recruit new talent while retaining experienced and dedicated employees.