ETtechChennai: Software-as-a-Service (SaaS) platform provider for last-mile logistics, FarEye on Monday announced liquidation for employee stock ownership plan (Esop) holders worth $1.22 million via buyback. This is the company’s second buyback and largest to date.
FarEye will be performing this buyback of vested Esops using its cash reserves. Under this liquidation, eligible employees have the opportunity to liquidate a fixed proportion of their vested ESOPs. The company said there has been no distinction made between present and past employees.
FarEye's first Esop liquidation occurred last year, where the company announced the distribution of $739,000 to liquidate eligible Esop options. In 2021, the company launched a revised Esop aimed at being more employee-friendly, and democratizing Esop grants to a significant section of its over 700 employees globally. In the last year, the number of Esop holders jumped more than 400% to over 200 employees, a number that is expected to grow rapidly, the company said in a statement.
FarEye plans to increase the employee strength to over 1,000 this year. Last year, the company raised $100 million in a Series E funding round to accelerate the company’s mission of empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks.
The company said it processes over 100 million transactions monthly, supports more than 25,000 drivers and is integrated into a network of over two million vehicles, to improve deliveries worldwide. The company is on a journey to achieve over 100 million transactions per day by processing petabytes of data.
FarEye will be performing this buyback of vested Esops using its cash reserves. Under this liquidation, eligible employees have the opportunity to liquidate a fixed proportion of their vested ESOPs. The company said there has been no distinction made between present and past employees.
"Our people are our greatest asset and their hard work and dedication has enabled us to grow rapidly over the past year. This Esop is our way of showing our gratitude and in turn, making our employees become partners in our success," Kushal Nahata, CEO of FarEye, said.
FarEye's first Esop liquidation occurred last year, where the company announced the distribution of $739,000 to liquidate eligible Esop options. In 2021, the company launched a revised Esop aimed at being more employee-friendly, and democratizing Esop grants to a significant section of its over 700 employees globally. In the last year, the number of Esop holders jumped more than 400% to over 200 employees, a number that is expected to grow rapidly, the company said in a statement.
FarEye plans to increase the employee strength to over 1,000 this year. Last year, the company raised $100 million in a Series E funding round to accelerate the company’s mission of empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks.
The company said it processes over 100 million transactions monthly, supports more than 25,000 drivers and is integrated into a network of over two million vehicles, to improve deliveries worldwide. The company is on a journey to achieve over 100 million transactions per day by processing petabytes of data.
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