Moglix completes $3 mn ESOP buyback with 25% sale option for staffers

The company says it has expanded ESOP pool by $10 million to include more than 300 employees under the programme

B2B commerce unicorn Moglix completed an employee stock option buyback programme worth $3 million, in which employees could sell up to 25 per cent of their vested shares.

The company also said that it has expanded its ESOP pool further by $10 million to include more than 300 employees under the programme.

“We believe ESOPs represent ownership mindset and belief in the vision. Typically, B2B and manufacturing are not seen as attractive sectors for talent. But through our ESOP programme and our work culture, we want to make it rewarding and meaningful to work in B2B. We want to enable long-term wealth creation for employees and recognise their contribution and commitment,” Rahul Garg, Founder & CEO, Moglix.

Moglix believes as India transforms itself into the supply chain partner of the world, companies in B2B manufacturing will have to explore new ways to integrate India’s workforce with the wealth creation ecosystem to realise the vision for a $5 trillion economy.

Moglix recently entered the unicorn club with the latest fundraising round from Falcon Edge Capital and Harvard Management Company. With end-to-end supply chain operations from sourcing to financing, 30+ warehouses, and a team strength of about 1,000, Moglix is Asia’s largest and fastest-growing B2B Commerce company focused on manufacturing and infrastructure.