Digital solutions firm Whatfix announces $4.3 mn for ESOP buyback

Digital adoption solutions provider Whatfix on Tuesday said it has implemented its maiden employee stock ownership plan (ESOP) buyback of $4.3 million

Digital adoption solutions provider Whatfix on Tuesday said it has implemented its maiden employee stock ownership plan (ESOP) buyback of USD 4.3 million (Rs 32 crore).

However, over 80 per cent of the eligible 175 employees have chosen not to liquidate their vested shares, the company said in a statement.

Whatfix gave employees the option to liquidate up to 35 per cent of their vested ESOPs, it added.

The shares have been bought back by the company, it noted.

"This is the first buyback by the company...over 80 per cent of the eligible 175 employees have chosen not to liquidate their vested shares, thereby, reinforcing their trust in the future of the company.

Both current and former employees will be able to avail the value of shares at the series D, non-discounted valuation of the company," it said.

Last month, Whatfix had raised USD 90 million (about Rs 656 crore) in funding from SoftBank Vision Fund 2, Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital and Cisco Investments. With this, Whatfix has raised USD 139.8 million to date.

Today, Whatfix is a leading Digital Adoption Platform (DAP) and this success is a result of the amazing work done by our employees. Even as the world experienced unprecedented challenges, our employees managed to turn this period into one of the strongest times for us," Whatfix CEO and co-founder Khadim Batti said.

It is important that employees grow along with the company, he added.

"Through this ESOP buyback, we are thanking and rewarding our employees for their continued faith in our success, Batti said.

The company has experienced hyper-growth over the last two years, with revenue and headcount tripling and opening three new offices in the United Kingdom, Germany and Australia. Whatfix currently has 500 employees across six global offices.