60% of eligible employees exercise option to sell up to 30% of vested shares.
Meesho, India’s leading social commerce platform, has announced that it has implemented an employee stock ownership plan (ESOP) buyback for its employees. Existing investor Naspers bought the shares worth $1million. This is the first buyback by the company where 60% of eligible employees exercised the option to sell up to 30% of their vested ESOP shares.
Over the past 15 months since closing Series B, C and D, Meesho has grown rapidly and clocked in 20x growth since April 2018.
Commenting on the development Sanjeev Barnwal, Founder & CTO of Meesho said, “It’s been a rollercoaster for everyone at Meesho to see the speed and scale of impact, number of lives touched and the exponential learning we have created along the way. This has been possible because of the brilliant minds at Meesho. With a buyback this early in the stage of business, we want to recognise their efforts, reward them for their contribution in building Meesho and show real value in our ESOPs to existing and potential employees.”
Social Commerce is becoming a strong force in taking e-commerce to the next billion customers. According to a recent study by Nielsen, the social commerce market in India alone is worth $70 billion. Meesho is defining this growth, having added 2,600,000+ social entrepreneurs to the Indian economy, a robust trust network that is effectively serving markets that traditional e-commerce cannot.