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Electric mobility services provider Zypp Electric has rolled out its first ESOP buyback, setting aside Rs 1.5 crore to reward 15 dedicated employees who have been with the company for more than a year, it said in a statement.

“This realisation of the monetary value of ESOPs amidst employees was to make them feel the power of this amazing wealth-creation tool. We aim to continue such initiatives even in the future, and it’s just the beginning,” Co-founder and CEO Akash Gupta said. “Making millionaires is a dream I see, and it is equally important for me to ensure that my team members achieve prosperity as we foray into building the EV revolution.”

Zypp Electric has currently liquidated 20% of its ESOPs. Additionally, the company has extended ESOP benefits to Ramsevak, a long-term office helper.

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“A much-appreciated step by the company to reward the loyalty and hard work of the team members. I am about to complete five years with Zypp Electric, and this liquidation was exciting for me,” Sumit Raina, AGM of Business Development, Zypp Electric, said.

Earlier in May, the company announced its ambitious plans to deploy two lakh electric vehicles in its fleet over the next three years. To support this growth, the company aims to secure up to $300 million in funding during the next three-four years.

Operating primarily in Delhi-NCR and Bengaluru, Zypp Electric plans to expand its services to other major cities like Mumbai, Pune, and Hyderabad. Focusing on the B2B segment, the company caters to ecommerce and food/grocery delivery giants such as Swiggy, Zomato, Amazon, Myntra, Delhivery, and Pharmeasy.

Founded in 2017 as a bicycle rental platform, the company later expanded its services to include e-scooter rentals, particularly targeting last-mile delivery.

In February 2023, Zypp Electric secured $25 million in a Series B funding round led by Gogoro, a Taiwan-based battery-swapping company, with additional investments from various other investors, both in equity and debt financing, including Goodyear Ventures, 9Unicorns, IIX, and others.