NowPurchase, a B2B startup announced that it has completed its first-ever Employee Stock Option Plan (ESOP) buyback. The buyback was valued at approximately 100 times the initial purchase price.
Earlier in September, the company raised $6 million in funding, raising its total funding to over $10 million. This round saw equity and debt investments from InfoEdge Ventures, Orios Venture Partner, 100 Unicorns, VC Grid and several family offices and angel investors.
“It brings me immense joy that our ESOP program, launched on July 1st, 2019, has now enabled team members to benefit from our shared success. The fact that this buyback included employees across all functions —warehouse staff, potential CXOs, and everyone in between—highlights our commitment to growth and value creation for all. This wouldn’t have been possible without the support of our first institutional investors Orios & InfoEdge,” Naman Shah, Founder & CEO, NowPurchase.
“ESOPs have always been critical to both Naman and me. We have spent significant time making the team understand the value of ESOPs as part of our mission to uplift the nascent startup ecosystem in Kolkata. This buyback is a tangible culmination of the team reaping the rewards for their efforts. On the flip side, they have heavy skin in the game, and most have chosen to hold back their shares for even further growth.” Aakash Shah, Co-Founder, NowPurchase.
Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase is a procurement solution where Metal Manufacturers can procure high-quality raw materials like metal scraps, alloys and additives in a trusted & transparent manner.
It also provides its users with a WhatsApp bot to discover prices and stock in real time, a team to provide on-ground service and quality assurance, and a proprietary SaaS platform MetalCloud to optimize their manufacturing process.
