Moglix, a Noida-based B2B commerce unicorn, today announced that it has increased its ESOP pool by $10 million enabling more than 300 employees to enroll in the program.
Moglix has also announced a $3 million ESOP buyback program for all eligible employees with vested stock following its recent fundraise. During the buyback, employees will be able to sell up to 25% of their vested shares.
Earlier this month, Moglix had acquired Vendaxo, an e-commerce platform for the purchase and sale of used machinery.
Speaking on the development, Rahul Garg, Founder, and CEO of Moglix told PTI, “We believe ESOPs represent ownership mindset and belief in the vision. Typically B2B and Manufacturing are not seen as attractive sectors for talent. But through our ESOP program, and our work culture we want to make it rewarding and meaningful to work in B2B. We want to enable long-term wealth creation for employees and recognize their contribution and commitment.”
Pankaj Kumar, who heads engineering and has been with Moglix for five years, is one of the early adopters, stated that “Participating in the ESOP buyback was my “KBC” moment. You don’t imagine the scale of impact ESOPs can make in wealth creation; it can bring multi-generational change in just a few years.
I have not cashed most of my ESOPs, as I know that no other investment can give these kinds of returns, and this is the confidence I have in the potential of Moglix,” he added.
Moglix recently announced the addition of Falcon Edge Capital and Harvard Management Company as investors in a $120 million Series E fundraise in May 2021 to join the unicorn club. With a $1 billion+ valuation, 30 warehouses, and an export footprint spanning 120 countries, the startup claims to be India’s largest commerce platform for industrial goods.