Fleet tech startup LocoNav has announced its first employee stock ownership plan (ESOP) and equity buyback scheme worth $3 million. More than 50 existing and former employees will be eligible to participate in this ESOP round, the startup said in a statement. The funds raised will add to LocoNav’s vision of democratising fleet tech across emerging and high growth markets, the statement added. With this buyback scheme, the company wants to recognise the contribution of employees and early investors in enabling its growth in the last five years.
The announcement comes close on the heels of LocoNav raising $37 million in Series B funding from Quiet Capital, Anthemis Group, Sequoia Capital India, Foundamental, RIT Capital Partners, Uncorrelated Ventures, and Village Global, among other investors.
“Our exponential growth in the past few years represents the relentless contribution of our employees and the trust our early investors placed in us. This ESOP and equity buyback scheme is our way of showing gratitude, empowering them with wealth creation, and enabling collective ownership as the business scales across markets,” Shridhar Gupta and Vidit Jain, co-founders, LocoNav, said.
The funds raised will add to LocoNav’s vision of democratising fleet-tech across emerging and high-growth markets as well as enable strategic acquisitions, the company said. LocoNav, backed by AI and IoT-led offerings, claims to have a presence in over 25 countries. The startup is also introducing India’s fleet management industry to SaaS offerings by leveraging data insights.
LocoNav’s portfolio consists of several products and services. It includes Fleet Management Solutions like virtual driver control centre LocoDrive , advanced video telematics and driver safety solution LocoADAS , toll and prepaid cards payment solutions LocoPay, and LocoRTO that helps in compliance management.
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