Fresh produce supply chain company Ninjacart has announced an employee stock ownership plan (ESOP) buyback of Rs 100 crore or $13.3 million for its employees. Previously, the company had announced ESOP buyback in 2019.
Both the current and the former employees with vested ESOPs as of December 2021 are eligible to participate in the ESOP buyback programme, said Ninjacart in a press release.
Founded by Thirukumaran Nagarajan, Kartheeswaran K K, Ashutosh Vikram, Sharath Loganathan, and Vasudevan Chinnathambi, seven-year-old Ninjacart enables retailers and restaurants to source fresh produce directly from farmers at competitive prices and also delivers it to businesses, including mandis.
Ninjacart works closely with the farmers and has to date helped over 1,00,000 farmers across 150 villages to generate better revenues.
Last December, Flipkart India and Walmart invested $145 million in the Bengaluru-based company.
Ninjacart has joined the likes of several growth stage startups such as Spinny, Urban Company, Mamamearth and Renewbuy that recently announced their ESOP buybackk program. As per Fintrackr’s data, around 40 startups have bought back or announced ESOP buyback worth over $440 million in 2021.