Posted by Bangalore: Tech startup Locus has said it has assigned $4 million for its ESOP buyback. Locus’ buyback is at par with the primary of the Series C fundraise. Both current and former employees will be able to vest their stock options.
This is the second such buyback by Locus aimed at long-term employee wealth creation. Locus is a logistic planning and optimization platform. It enables users to make data-driven decisions instead of depending on hunches or opinions.
“The reason we’ve come this far is because of the hard work and perseverance of our teammates. This ESOP buyback is a way of showing our gratitude by helping them in their wealth creation journey. Our buyback will happen at the Series C price without any discount, unlike most buybacks,” said Nishith Rastogi, CEO, Locus.
“We will also have a rolling plan to facilitate new buyback for teammates in the future as well. This will ensure continuous value creation for team members and motivate them to fulfill our shared dream of building the operating system of logistics,” added Rastogi.
Recently the tech startup raised $50 million in Series C funding. Singapore’s sovereign wealth fund GIC led the funding round with participation from Qualcomm Ventures LLC and existing investors Tiger Global and Falcon Edge.
Besides, angel investors including Pine Labs CEO Amrish Rau, Cred CEO Kunal Shah, Sierra Atlantic founder Raju Reddy, SAP South Asia President and MD Deb Deep Sengupta participated in the round.
The tech startup leverages deep machine learning and proprietary algorithms to offer smart supply chain solutions to customers across sectors. That includes e-commerce, retail, e-grocery, CPG/FMCG, home services, home deliveries, 3PL, transportation, and B2B distribution.