Meesho, an e-commerce company, recently announced its largest employee stock option (Esop) buyback program to date, valued at Rs 200 crore. This initiative will benefit approximately 1,700 former and current employees. The company stated that employees at all levels, ranging from junior-level executives to senior leadership, have the opportunity to voluntarily participate in this program.
Ashish Kumar Singh, Meesho’s Chief Human Resources Officer (CHRO), expressed the company’s commitment to rewarding its teams despite prevailing macroeconomic conditions. He highlighted the significance of this buyback program in recognizing the contributions of Meesho’s employees.
This latest buyback program follows three previous initiatives conducted by the company, with a total value of $11.5 million. Meesho’s decision to implement such programs underscores its dedication to recognizing and rewarding the efforts of its employees.
Meesho, backed by investors such as Meta, Peak XV, Prosus Ventures, B Capital, and SoftBank, achieved profitability in July 2023. This milestone demonstrates the company’s financial strength and stability, which allows it to invest in initiatives like the Esop buyback program.
The current Gross Merchandise Value (GMV) run rate of Meesho is estimated to be above $5 billion, according to a report by AllianceBernstein. This indicates the company’s robust performance and significant presence in the e-commerce market.
In conclusion, Meesho’s announcement of its largest Esop buyback program reflects its commitment to recognizing and rewarding the contributions of its employees. With its financial stability and impressive GMV run rate, Meesho continues to solidify its position as a key player in the e-commerce industry.
