SaaS startup FarEye has announced liquidation for Employee Stock Ownership Plan (ESOP) holders worth $1.22 million via buyback. This is the company’s second buyback till date. Previously, it had announced an ESOP buyback worth $739K in January last year.
Under this liquidation, eligible employees have the opportunity to liquidate a fixed proportion of their vested ESOPs for a combined value of $1.22 million. There has been no distinction made between present and past employees.
Founded by Goutam Kumar, Kushal Nahata and Gaurav Srivastava, FarEye enables enterprises to deliver at reduced cost with a superior customer experience. The platform claims to have five global offices, and over 150 customers across 30 countries. FarEye’s platform processes over 100 million transactions monthly, supports more than 25,000 drivers and is integrated into a network of over two million vehicles.
Last year, FarEye had raised $100 million in its Series E round led by TCV and Dragoneer Investment Group.
Overall, five Indian startups have announced ESOP buyback programs in January. The list includes Trell, Porter, HomeLane and Ninjacart.