Grip, a digital platform for new-age investments, has concluded the employees’ stock ownership plan (ESOP) buyback. The startup rolled out the ESOP buyback within just 18 months of its inception in June 2020 as a means of reward and recognition of the valuable contributions of its employees that helped Grip witness tremendous growth, . All employees who had spent six months or more in the Company were eligible for the buyback.
Mr. Vivek Gulati, co-founder & COO, Grip, reveals that “this ESOP buyback is just one of the many initiatives that Grip wants to empower its employees with”.
The company’s employee-friendly ESOP policy offers a 10 years exercise period for its existing and former employees. The purchase price of the ESOP is kept at the minimum of Rs 10 per ESOP. Further, it leverages tech platforms to structure and allocates ESOPs to its employees, giving them real-time visibility of the shares. In the near future Grip plans to execute more buyback rounds to continue to empower employees and their commitment to Grip.
Recently, Grip offered its users a chance to become shareholders in the Company through a user-led equity funding round. The funding round, which it initiated on strong demand from its users, saw Grip secure $1Mn.
The company is in the process of building a new category of investment options for the new-age Indians. In the past 19 months, Grip has built a community of 175,000+ investors, has facilitated the leasing of assets worth 170+ crores, enabling 70+ companies such as Udaan, Furlenco, Holisol, Loadshare, ChargeZone, etc., to access a different channel of growth capital.
