Fleetx announces ESOP buyback worth Rs 3.9 Cr

SaaS-based fleet management platform Fleetx.io has facilitated Employee Stock Options (ESOPs) for a significant number of its employees. The liquidity transaction for the same has totalled approximately Rs 3.9 crore or $507K. 

According to the company, the ESOPs buyback has been rolled out to 45 eligible current and ex-employees, as part of the closure of Fleetx’s Series B funding led by IndiaMart.

Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra, Fleetx offers a suite of IoT and software-based products to help both fleet operators and industries digitise their logistics operations and helps them improve the safety, efficiency and sustainability of their vehicles and operations.

The Gurugram-based startup claims that it is providing visibility and analytics to over 400 large customers. It has scaled the product to fit many industries such as FMCG, automotive, cement, iron & steel, and e-commerce. 

ESOPs schemes have gained more acceptance amongst startups to retain talent over the last two years. As per Fintrackr’s data over a dozen startups have facilitated ESOP liquidity programs in the ongoing calendar year. The list includes Cars24, Jupiter, Slice, LEAD, Trell among others.