Orange Health on Wednesday announced its maiden Employee Stock Option Plan (ESOP) and Equity buyback programme reportedly worth $1 million. Earlier this year, the diagnostic firm had raised $25 million in Series B from Bertelsmann India Investments, General Catalyst, Accel, Y Combinator, Good Capital and others, the company claimed.
Orange Health is an on-demand diagnostic company that claims to provide at-home sample collection in 60 minutes and delivers reports in six hours across Bangalore, Gurgaon, Delhi, Noida and Ghaziabad. The company claims that with this buyback, it aims to recognize the contribution of employees in enabling its growth in the last 2 years along with driving wealth creation.
“At Orange Health, we have embarked on a mission to build India’s fastest diagnostics lab service, with passionate patient care at its core. This journey would not have been possible without the unwavering commitment of our team-mates, who went above and beyond the call of duty to serve customers, including the most challenging phases of Covid waves. In fact, all the employees who have qualified for the ESOP buyback scheme are our earliest team members, most of whom joined during the first 12 months of our company’s inception, when the team size was less than 30 people. They left jobs at prominent healthcare and tech companies, took a bet on us, and donned multiple hats during their early days,” Dhruv Gupta, Co-Founder, Orange Health stated on Wednesday.
Gupta also stated that their maiden ESOP buyback programme is a token of gratitude.
“Our maiden ESOP buyback programme is our token of gratitude towards their selfless efforts. We value them for sharing the same vision and for helping take the brand to the next level,” he added.
25 existing and former employees are eligible to participate in this ESOP buyback and liquidate part of their vested stock options, the company said in a statement on Wednesday.