Fleet-tech startup LocoNav has earmarked $3 million for its first-ever ESOP or equity buyback scheme that will provide liquidity to almost 50 of its existing and former employees.
This comes a month after LocoNav raised $37 million in its Series B round led by Quiet Capital.
The funds raised will help the company to expand its fleet technology across emerging and high-growth markets along with enabling strategic acquisitions, said LocoNav in a press release.
Founded by Shridhar Gupta and Vidit Jain, LocoNav helps users with AI-based technology to manage their fleet operations and provide recommendations that help to make better decisions to enhance fleet performance.
Earlier this week HealthifyMe had announced an ESOP buyback program worth $12 million that will provide liquidity to almost 100 of its current and former team members. This year, over 10 startups have already bought back ESOP held by their employees. The list includes Udaan, ShareChat, Razorpay, CRED and Licious.