60% of eligible employees exercise option to sell up to 30% of vested shares
Bangalore, February 13, 2020 – Meesho, India’s leading social commerce platform, today 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; they are our biggest asset. 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. This buyback from Naspers shows their belief and confidence in Meesho and its mission to create entrepreneurs across the country.”
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.
About Meesho:
Founded by IIT-Delhi graduates Vidit Aatrey and Sanjeev Barnwal in December 2015, Meesho is India’s leading social commerce platform that empowers individuals to start an online business without capital. Meesho has enabled 2,600,000+ entrepreneurs across India to sell on WhatsApp, Facebook, Instagram by providing them products, logistics and payment tools. Seventy percent of these entrepreneurs are homemakers, career women on breaks and students. Through this extensive trust network of social entrepreneurs, Meesho has created a disruptive supply channel for 15,000+ manufacturers/suppliers across the country. Meesho is a Y-Combinator incubated, Series-D funded company with investors including Facebook, Naspers, SAIF partners, Sequoia, China’s Shunwei Capital, DST Partners, RPS Ventures, Venture Highway and former Vodafone CEO Sir Arun Sarin, KBE who is an investor-advisor to Meesho. Meesho is headquartered in Bangalore. For more information, visit meesho.com
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