Pocket FM presently has about 800 workers and a four-year vesting interval, beneath which 25% of Esops are vested within the first yr, after which they vest at a month-to-month fee.
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“We’re excited in regards to the profitable completion of our first Esop buyback spherical, which witnessed enthusiastic participation from each former and current workers holding vested shares. This buyback alternative underscores our dedication to recognising the invaluable contributions of our staff members,” a spokesperson for the agency mentioned, with out giving particulars on what number of workers participated within the buyback.
The buyback comes shortly after the agency raised $103 million from the likes of Lightspeed Ventures and Stepstone Group in late March at a valuation of $750 million. The most recent spherical introduced Pocket FM’s complete funding to this point to $196.5 million.
On March 22, ET reported that the agency was in talks with traders just like the Abu Dhabi Funding Authority (ADIA) to finalise a brand new fundraising that was anticipated to worth it round $1.2 billion, making it a unicorn. Up to now, solely two Indian companies have changed into unicorns this year– Bhavish Aggarwal-run synthetic intelligence agency Krutrim AI and B2B fintech firm Perfios.
Amid a funding winter, Pocket FM joins a small set of companies which have instituted Esop buybacks just lately.
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On March 13, Meesho introduced an Esop buyback programme value Rs 200 crore, open to round 1,700 former and present workers. On February 14, edtech startup Classplus introduced its second Esop buyback provide in three years, with 150 workers eligible to take part. Corporations like Razorpay and Udaan have additionally instituted Esop buybacks within the final one-and-half years. In July final yr, the Flipkart group performed a one-time payout for workers value $700 million linked to PhonePe’s funding spherical, the biggest Esop buyback by an Indian new-economy agency to this point.
