Mumbai, Jan 11 (PTI) Tech-enabled interior design solutions provider HomeLane on Tuesday said it has concluded its Employee Stock Option Plan (ESOP) buyback worth Rs 27 crore.
This is the second time ESOPs have been bought back by the company, and this round was initiated as part of its recent Series E investment led by IIFL AMC’s Late Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund) and Stride Ventures, the company said in a statement.
HomeLane provided liquidity to all those who held vested ESOPs, including active and former employees, it added.
Former employees were offered 100 per cent liquidity while active employees had the option to exercise up to 35 per cent of their vested ESOPs.
However, the active employees liquidated less than 50 per cent of their eligible ESOPs.
“We are deeply humbled by the response of our team, with a majority of them deciding to stay vested in the company through only partial liquidation of their stock options.
“Our team’s conviction and relentless efforts have powered HomeLane’s exponential growth. We facilitated the ESOP buyback to acknowledge their enduring contribution…” HomeLane co-founders Srikanth Iyer and Tanuj Choudhry said. PTI SM BAL BAL
source: PTI News