Zypp Electric, a tech-enabled EV-as-a-Service platform, recently announced its first Employee Stock Ownership Plan (ESOP) buyback, allocating around Rs 1.5 crore to 15 dedicated employees who have been associated with the company for more than a year.
Zypp Electric is the first company in the EV segment to offer ESOP buybacks in India.
In the current liquidation, 20% potential has been realised and this has led to many more employees coming forward to avail ESOP opportunities. Zypp Electric has also extended ESOP benefits to Ramsevak, a long-term office boy.
Akash Gupta, Co-founder and CEO, Zypp Electric said, “This is like the realisation of a long-term personal dream and an accolade to our ambitious journey. I have always been selling ESOPs within the team, however as expected it had few takers on the concept. This realisation of the monetary value of ESOPs amidst employees was to make them feel the power of this amazing wealth-creation tool. We aim to continue such initiatives even in future and its just the beginning.”
Employees have realised the value of up to Rs 50 lakh individually.
Vishwajeet Singh, AVP, Marketing and Design, Zypp Electric, said, “I’ve been associated with Zypp Electric from its first day and have experienced growth of the company closer than anyone. It’s great to have liquidity coming in as a reward for diligence and motivation for tenure ahead. I’m sure this will motivate other team members and become an example of how ESOPs can be an opportunity for wealth creation along with value creation.”