Sirona Hygiene an award-winning feminine hygiene company in India recently announced its ESOP buy-back offer worth almost 5 crores for employees that joined the firm in its early days and those who have played an instrumental role in the success of the company.
Deep Bajaj, Co-founder, Sirona believes that wealth is co-created and with this milestone, with the grace of god and well-wishers. This is our way of thanking them for their efforts and for being a part of the journey.
In times when layoffs are being announced and funding is drying in startups, it is commendable for a start-up that has been working in a category that has its own challenges, to offer ESOP buyback to its employees. This offer has brought immense happiness and surprise wealth creation for employees who have been a part of the journey of Sirona from its humble beginnings to now being an iconic brand. Sirona is also the only D2C brand in the feminine hygiene category to buy back ESOPs from employees.
Speaking on this special milestone Deep Bajaj, Co-Founder Sirona said, “I have always said that it’s the team that sticks together and works together that wins. The product comes second and as a founder, if your team wins, you win! Last year we raised 100 cr and partnered with the Good Glamm Group and thanked our early angel investors by offering them a good exit. Now was the time for those who helped us make that happen. This is a truly special and proud moment for us as founders.”
Mohit Bajaj, Co-Founder of Sirona said, “We are humbled and emotional to see that Sirona has created wealth not only for its investors but also for its employees especially those who joined us in our early days. We are here today because of the team that supported and stayed with us through this journey as we went out to create a category and build a brand. Very few companies at our scale are able to do this. I feel fortunate and blessed to have such a great team at Sirona. We are aiming to become a 500 cr brand in the next 2 years and create even more wealth for our employees and investors.”
"The environment is negative these days with ongoing layoffs and funding winter. This is a positive sign. ESOP is always all about creating wealth. The bigger problem always remains is that ESOP never liquidates but through this plan, employees made money."
The buyback is happening in two phases. In the first phase, all long-standing members have been covered and in the next phase, new and remaining members will be able to surrender their shares too!