Ninjacart buys back ESOPs worth Rs 100 cr after investment from Flipkart

Agritech start-up Ninjacart has announced that it has implemented an employee stock ownership plan (ESOP) buyback worth Rs 100 crore for its employees. Both current and former employees with vested ESOPs as of December 2021 are eligible to participate in the ESOP buyback programme, with the option to sell the entirety of their vested ESOPs.

This is the company’s second ESOP buyback. Ninjacart had its first buyback in 2019. “Our employees have been elementary to the company’s success and this ESOP’s plan will reward them for the commitment and resiliency they have shown during the last two years,” said the company.

This ESOP buyback announcement comes on the heels of Flipkart and Walmart announcing a fresh round of joint strategic investment in Ninjacart worth $145 million.

“I am overjoyed to share that this new year’s, we can give back to our current and previous employees who stood by us and helped us achieve every milestone with their extraordinary effort. This ESOP buyback programme is a small gesture of our gratitude towards our employees because, without them, we will not be where we are today,” said Thirukumaran Nagarajan, co-founder and CEO of Ninjacart.

“At Ninjacart, we are in a constant process of improving our culture. In continuation to our recent initiatives, we intend to invest in employee experience, work tools, and positive workplace initiatives. We encourage our employees to give importance to their mental and physical well-being by retaining a proper work-life balance,” he added.