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PharmEasy: Buying back ESOPs worth $3 million, step to benefit 40- 45 employee

Online pharmacy PharmEasy is shopping for Employee Stock Ownership Plan (ESOPs) value $3 million because it appeared to insert confidence in employees amid the Covid-19 pandemic and at a time once the competition is heating up with the entry Reliance Industries and Amazon. It is the most latest startup to affix food tech imaginary being Swiggy, social commerce platform Meesho to shop for Employee Stock Ownership Plan (ESOPs).

The buyback can profit 40-45 nearly staff of the Mumbai-based company. PharmEasy was valued at around $700 million once it raised $220 million, junction rectifier by Temasek last year.

Launched in 2015, PharmEasy offers services together with online medicines, aid product and booking science laboratory tests in additional than one thousand cities. The corporate has since entered into Associate in Nursing agreement to amass smaller rival Medlife reciprocally for a 2 hundredth stake, a deal that the Competition Commission of the Republic of India has approved in September.

Dharmil Sheth, Cofounder- Pharmeasy aforesaid “These are times once we have to be compelled to insert confidence. The corporate is doing well, folks are fixing quite 100% to confirm we’re up and running,”. Pharmeasy has invariably wished staff to own additional skin within the game and its ESOPs account for between five-hitter and seven of its total property, he added.

Several Indian startups like Zerodha, CarDekho, Vy Capital and Mobile Premier League (MPL) have declared stock purchase plan buybacks this year. The buybacks assume additional significance once they happen in an exceedingly year wherever several Indian startups have witnessed a monetary crunch amid the Covid-19 pandemic.