Data analytics and data engineering company TheMathCompany has announced an ESOP buy-back program to reward its employees. The value of the total buyback program this year stands at Rs 93.2 crore where over 20% of the existing workforce currently holds ESOPs.
Entrackr had exclusively reported this development last week.
As a part of the program, there are no restrictions on employees offering up to 100 % of their vested options with the value having increased manyfold in the past two years, said the company in a press release. It further added that the co-counders of the company will continue to hold the majority stake in the company.
Early this year, TheMathCompany had secured funding of $50 million from Brighton Park Capital.
Founded in 2016 by Sayandeb Banerjee, Aditya Kumbakonam and Anuj Krishna, TheMathCompany leverages artificial intelligence (AI), and machine learning (ML) to help organisations transform intelligence, create demonstrated value, and make them analytically self-sufficient.
The Bengaluru and Chicago-based firm’s flagship product Co.dx helps businesses across multiple industries solve key problems through low code, custom business applications. It serves industries like CPG, retail, insurance, aviation and banking, across the US, the UK, Singapore, Hong Kong, Europe, and the Middle East.