Wakefit.co, a Bengaluru-based home solutionsD2C brand, reported that it is offering its representatives an Employee Stock Ownership Plan (ESOP) buyback choice along with its Series B subsidizing.
The ESOP buyback worth Rs 15 crore is set to profit around 15-20 representatives and will in turn create crucial wealth creation occasions to them. The plan will apportion six to seven percent of the startup's shares to the employees.
The turn out of ESOPs buyback comes after Wakefit.co as of late finished up its Series B round of financing, where the startup had raised Rs 185 crore at a valuation of Rs 1,900 crore driven by European speculation firm Verlinvest and Sequoia Capital India. As a component of the ESOP plan, Wakefit.co will likewise add another 50-60 representatives into the current pool, profiting early workers for their responsibility and difficult work.
Established in March 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit.co fabricates its items in-house across three areas and has 22 stockrooms across India. It sells the products across the nation through its own online entryway and other internet business channels. The startup professes to have overhauled more than six lakh clients more than five years.
As a component of its aggressive development and growth designs, the startup further said it intends to expand its labour force from March 2020 by 400 percent taking the tally to 3,000 workers by March 2021. The startup has also begun preparing programs for machine administrators, craftsmen, and other client experience heads.