Zypp Electric, a B2B delivery and shared mobility startup, has announced its first Employee Stock Ownership Plan (ESOP) buyback. The company has allocated around Rs 1.5 crore to 15 dedicated employees who have been with the company for more than a year. This move is a testament to Zypp Electric’s commitment to its employees and their long-term success.
In a show of inclusivity, Zypp Electric has extended ESOP benefits to Ramsevak, a long-term office boy. This gesture follows similar actions by companies like Paytm, Citrus Pay, and others who have rewarded their office boys with stock options. By including Ramsevak in the ESOP program, Zypp Electric showcases its inclusive approach to employee ownership.
This significant development comes just six months after Zypp Electric announced a $25 million Series B round of funding. The company, founded in 2017, operates as an EV-as-a-Service platform, providing electric vehicle renting services and delivery services through its e-scooters across the country.
Zypp Electric’s ecosystem is utilized by over 10,000 gig workers from various platforms such as Zomato, Swiggy, Flipkart, Myntra, and many more. The company claims to have powered 15 million deliveries on electric vehicles, resulting in a saving of approximately 33 million KG Co2 emissions to date.
This announcement from Zypp Electric follows recent initiatives by other major players in the industry. Swiggy, a leading foodtech company, has started rolling out its second tranche of the committed ESOP liquidity program worth $50 million. Additionally, Flipkart, owned by Walmart, has announced a $700 million ESOP payout for its employees.
The collective value of ESOP buybacks currently stands at approximately $70 million. These back-to-back buybacks and payout events instill confidence among employees in the startup ecosystem, reaffirming their belief in the long-term growth and success of their companies.
By offering ESOPs, companies create a sense of ownership among employees and align their interests with the company’s growth. This approach fosters loyalty, motivation, and a shared commitment to achieving common goals.
The move to include Ramsevak, the office boy, in the ESOP program showcases Zypp Electric’s dedication to recognizing and rewarding all employees, regardless of their roles or titles. This inclusive approach promotes a positive work environment and encourages employees to contribute their best efforts to the company’s growth.
In conclusion, Zypp Electric’s ESOP buyback and the inclusion of long-term employee Ramsevak in the share plan highlights the company’s commitment to recognizing and rewarding its employees’ dedication and hard work. Such initiatives contribute to a positive work culture and encourage employee loyalty and motivation. With the startup ecosystem witnessing successive ESOP buybacks and payout events, employees can continue to have confidence in their companies and actively contribute to their long-term success.
