scorecardresearch

Moglix completes $3 mn ESOP buyback; expands pool to $10 mn

Moglix had recently raised USD 120 million in series E fundraise last month, entering the unicorn club (valuation of USD 1 billion).

Moglix completes $3 mn ESOP buyback; expands pool to $10 mn
Founded in 2015, Moglix provides solutions to more than 5 lakh SMEs and 3,000 manufacturing plants across India, Singapore, the UK and UAE.

B2B commerce unicorn Moglix on Monday said it has completed an ESOP buyback programme worth USD 3 million, wherein employees sold up to 25 per cent of their shares. The company has also expanded its ESOP pool to USD 10 million that will include more than 300 employees under the programme, a statement said.

Moglix had recently raised USD 120 million in series E fundraise last month, entering the unicorn club (valuation of USD 1 billion). Under its ESOP buyback programme, all eligible employees were able to sell up to 25 per cent of their vested shares during the buyback, the statement said.

“We believe ESOPs represent the ownership mindset and belief in the vision. Typically B2B and manufacturing are not seen as attractive sectors for talent. But through our ESOP programme and our work culture, we want to make it rewarding and meaningful to work in B2B,” Moglix founder and CEO Rahul Garg said.

The company wants to enable long-term wealth creation for employees and recognise their contribution and commitment, he added.

Founded in 2015, Moglix provides solutions to more than 5 lakh SMEs and 3,000 manufacturing plants across India, Singapore, the UK and UAE. It has a supply chain network of over 16,000 suppliers and more than 35 warehouses and logistics infrastructure. The company, which also offers end-to-end supply chain operations from sourcing to financing, has a team of about 1,000 employees.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 26-07-2021 at 14:20 IST