Logistics startup Locus said it has designated $4 million for its ESOP buyback with an aim to helps its employees in their wealth creation journey.
According to an official statement, this is the second buyback in the company. revealed that both current and former employees will be able to vest their stock options.
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This development comes in after it raised $50 million in Series C funding in June. The round was led by GIC, Singapore’s sovereign wealth fund, with participation from Qualcomm Ventures and existing investors Tiger Global and Falcon Edge.
“The reason we have come this far is because of the hard work and perseverance of our teammates. This ESOP buyback is a way of showing our gratitude by helping them in their wealth creation journey. Our buyback will happen at the Series C price without any discount, unlike most buybacks,” Nishith Rastogi, CEO of Locus said in a statement.
Locus had earlier revealed that the funds will also be deployed for improving its geographical reach and build its research and development team to expand the product line.
He also revealed that Locus will have a rolling plan to facilitate new buyback for teammates in the future as well. “This will ensure continuous value creation for team members and motivate them to fulfill our shared dream of building the operating system of logistics,” he added.
Launched in 2015, Locus offers a technology platform that uses machine learning and proprietary algorithms to automate complex supply chain decisions. Currently, it has clients across North America, Europe, Southeast Asia, Middle East, ANZ, and the Indian Subcontinent.
Its smart supply chain solutions provide end-to-end visibility and help enterprises enhance their operational efficiency by reining costs, streamlining customer experience, and reducing environmental impact.
It currently has customers across several sectors such as ecommerce, retail, e-grocery, CPG/FMCG, home services, home deliveries, transportation, and B2B distribution. It counts brands names such as Nestle, Mondelez, Unilever, Bigbasket, Bluedart, Bukalapak, and The Tata Group, among others as its clients.
