Log9 Materials announces ESOP buyback

Electric vehicle-focused advanced battery platform Log9 Materials has announced an Employee Stock Ownership Plan (ESOP) buyback worth Rs 1.5 crore for the year 2023.

The ESOP buyback encompasses shares of 17 employees, many of whom have been instrumental in propelling Log9's remarkable growth, the company said in a press release.

Among the beneficiaries are some of Log9's longest-serving employees, both from core and non-core functions. This is the second buyback for the company which did a similar transaction worth Rs 1 crore last year. 

In January, Log9 Materials raised $40 million as a part of its Series B funding in a mix of equity and debt led by Amara Raja Batteries and Petronas Ventures. The firm has raised $50 million in funding to date.

As per TheKredible’s estimates, it was valued at around $230-240 million. 

Last week, B2B SaaS fintech company Perfios announced a buyback of ESOPs worth $18.5 million. As per data compiled by TheKredible, more than 80 startups have bought back ESOPs worth over $1.45 billion since January 2020.