Online home interior design platform HomeLane has announced its Employee Stock Option Plan (ESOP) buyback worth Rs 27 crores or $3.6 million.
This is the second time ESOPs have been bought back by the company. This round was initiated as part of its recent Series E investment led by IIFL AMC’s Late Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund) and & Stride Ventures.
According to HomeLane, it provided liquidity to all those who held vested ESOPs including active and former employees. Former employees were offered 100% liquidity, while active employees had the option to exercise up to 35% of their vested ESOPs. However, the active employees liquidated less than 50% of their eligible ESOPs. This ESOP buyback has been a noteworthy feat for the company.
Started by Srikanth Iyer, Rama Harinath along with K Ganesh and Meena Ganesh, HomeLane helps property owners furnish and install fixtures in their new apartments and houses. HomeLane currently services 16 cities across the country through 27 experience centres.
Earlier this month, fresh produce supply chain company Ninjacart had announced its ESOP liquidity program worth Rs 100 crore or $13.3 million. As per Fintrackr’s data, around 40 startups have bought back or announced ESOP buyback worth over $440 million in 2021.
