Social commerce platform Meesho on Tuesday announced that it has implemented an employee stock ownership plan (ESOP) buyback for its employees. The total worth of the ESOP re-purchasing program is expected to be around $5 million. This is the second buyback by the company where eligible employees were eligible to exercise their option to sell up to 100% of their vested ESOP shares. Employees ranging from junior-most executives to senior leadership will take part in the exercise.
Meesho says it has enabled over 2.8 million Indians to start their own business without capital, adding that it has brought millions of women from small towns back into the workforce, empowering them to earn a sustainable livelihood by selling on WhatsApp, Facebook, and Instagram.
Speaking on the new development, Vidit Aatrey, Founder & CEO, Meesho said “We at Meesho believe our employees to be our assets. The journey for everyone at a young company like ours has been interesting especially by the sheer rate at which we have grown in scale and speed. This venture is driven by a sense of entrepreneurship and responsible ownership on the part of each employee of the company, hence, with this second buyback we want to acknowledge their continued efforts and reward them for their contribution in building Meesho and thereby instil confidence in our existing and potential employees. This only strengthens our purpose to work hard and create entrepreneurs across the country.”
Social Commerce is becoming a strong force in taking e-commerce to the next billion customers. The business has grown around 4X compared to pre-COVID levels and now there are around 7 million entrepreneurs on the platform.
Meesho, in March, had secured the 14th spot on Fast Company’s World’s 50 Most Innovative Companies (MIC) 2020 list and was the only Indian company to make it to the list.