Cloud kitchen unicorn Rebel Foods has announced a $10 million worth ESOP liquidation program for eligible current and former employees.
Through this programme, over 150 current and former employees of Rebel Foods were given an opportunity to liquidate their vested options this year. Under this program, employees can liquidate the ESOPs periodically without terms and conditions. The opportunity can be availed once in a one-year period. The company will set aside a pool of funds every year to enable such liquidation.
All those who had vested options by 31st October 2021 were eligible for the liquidation. The company attained unicorn status with its Series F round of $175 million in October 2021.
The Jaydeep Barman-led company owns homegrown brands such as Faasos, Behrouz Biryani and Ovenstory Pizza and claims to operate more than 45 brands across 10 countries including India, Indonesia, UAE, UK and Singapore. Rebel Foods gets more than 60% of its order volume from Swiggy and Zomato.
Rebel Foods joins a growing number of Indian unicorn startups that have announced ESOP buybacks in the past 15 months. The list includes CoinSwitch Kuber, NoBroker, Cars24, LEAD, Slice, CRED, Spinny, Urban Company and Vedantu.