EV startup Zypp Electric announces Rs 1.5Cr ESOP buyback

EV-as-a-service platform Zypp Electric recently announced its first Employee Stock Ownership Plan (ESOP) buyback, allocating around Rs 1.5 Crore to 15 dedicated employees who have been associated with more than a year of service within the company. 

In the current liquidation, 20% potential is realized with an intent to nurture many millionaires in the journey. This has led to many more employees have come forward to avail ESOP opportunities, showing their commitment to establishing a long-term association with the company and benefitting from its growth, the company said in a statemnet.

Zypp Electric said it has also extended ESOP benefits to Ramsevak, a long-term office boy, a testament to their inclusive approach.

Akash Gupta, Co-founder & CEO of Zypp Electric, said, "This is like the realization of a long-term personal dream and an accolade to our ambitious journey. I have always been selling ESOPs within the team, however, as expected it had few takers on the concept. This realization 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 future and it's just the beginning."

"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, eventually vesting our employees with financial benefits linked to the company's achievements. We believe every team member plays a crucial role in our success, and this ESOP buyback is a step towards ensuring their well-deserved share in the company's growth. Employees have realized the value of up to INR 50 Lacs individually," said Akash Gupta.

Vishwajeet Singh, AVP, Marketing & Design, Zypp Electric, said, “I’ve been associated with Zypp Electric from its first day and have experienced growth of the company closer than anyone. It’s great to have liquidity coming in as a reward for diligence and motivation for tenure ahead. I’m sure this will motivate other team members and become an example of how ESOPs can be an opportunity for wealth creation along with value creation.” 

Sumit Raina, AGM, Business Development, Zypp Electric, said, “A much-appreciated step by the company to reward the loyalty and hard work of the team members. I am about to complete 5 years with Zypp Electric, and this liquidation was exciting for me. I believe this is just the beginning, more is yet to come and more talents will join this journey.”Zypp Electric India’s Leading Tech-Enabled EV-as-a-Service platform, founded in 2017 with a Mission of Zero Emission and to make India carbon-free by using an ecosystem of Electric Vehicles and EV-based technology to make last-mile logistics sustainable and emission-free.

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