Zypp Electric announces ESOP buyback for 15 employees

B2B delivery and shared mobility startup Zypp Electric has announced its first Employee Stock Ownership Plan (ESOP) buyback, allocating around Rs 1.5 crore to 15 dedicated employees who have been associated with more than a year of service within the company. 

Zypp Electric has also extended ESOP benefits to Ramsevak, a long-term office boy, a testament to their inclusive approach. Previously, Paytm, Citrus Pay, and others also rewarded their office boy with stock options.

The development comes within six months of $25 million Series B round announced by the startup.

Founded in 2017, Zypp Electric is an EV-as-a-Service platform that provides electric vehicle renting services along with delivery services through its e-scooters across the country.

Over  10,000 gig workers with Zomato, Swiggy, Flipkart, Myntra, Zepto, Blinkit, Dunzo, BigBasket, Uber, Rapido, PharmEasy, 1MG, Delhivery, and Jio Mart use its ecosystem. The firm claims to power 15 million deliveries on electric vehicles while saving around 33 million KG Co2 till now.

Recently, foodtech major Swiggy started rolling out the second tranche of its committed ESOP liquidity program worth $50 million. Earlier this month, Walmart-owned Flipkart announced $700 million worth ESOP payout for its employees. 

While the total value of ESOP buybacks stood at barely $70 million till now, the back-to-back ESOP buybacks and a payout event would restore the confidence among employees in the startup ecosystem.