Kolkata-based B2B startup NowPurchase completes its first-ever ESOP buyback

Kolkata-based B2B startup NowPurchase has completed its first-ever Employee Stock Option Plan (ESOP) buyback.

The startup said that the buyback, which was valued at approximately 100 times the initial purchase price, has had a transformative impact on employees' lives.

Recent funding

The ESOP buyback comes after NowPurchase secured $6 million in funding, raising its total funding to over $10 million. 

The round saw equity and debt investments from InfoEdge Ventures, Orios Venture Partners, 100 Unicorns, VC Grid, and several family offices and angel investors.

Notably, several senior leaders, like Sachin Singh, Prateek Losalka, and Nishant Singh, chose not to sell a good majority of their options.

"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," said Naman Shah, CEO and Co-founder of NowPurchase.

What does NowPurchase do?

Founded in 2017, NowPurchase is a procurement solution where metal manufacturers can procure quality raw materials like metal scrap, alloys and additives in a trusted & transparent manner. The startup has its own network of scrap processing centres and private labels for additives and alloys. 

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.