FarEye, a global SaaS platform transforming last-mile logistics, today announced liquidation for Employee Stock Ownership Plan (ESOP) holders worth US$1.22 million via buyback. This is FarEye’s second liquidation program since December 2020, when it liquidated eligible ESOP options worth $739,000.
According to the company’s statement, The SaaS startup will be performing this buyback of vested ESOPs using its cash reserves. In 2021, FarEye had launched a revised ESOP program aimed at being more employee-friendly, and democratizing ESOP grants to a significant section of its 700+ employees globally.
FarEye offers a platform for brands to launch multiple delivery models like same-day, next-day, on-demand, and curbside from multiple inventory locations.
In the last year, the number of ESOP holders jumped more than 400% to over 200 employees, a number that is expected to grow rapidly, the statement said.
Under this liquidation, FarEye will enable eligible employees to liquidate a fixed proportion of their vested ESOPs for a combined value of $1.22 million. Notably, the company has not made any ‘distinction’ between present and past employees for its ESOP buyback program.
Kushal Nahata, Gaurav Srivastava, and Gautam Kumar Co-founded the startup in 2013. This ESOP is our way of showing our gratitude and in turn, making our employees become partners in our success. Through our team’s talent and perseverance, we have been named a ‘Great Place to Work’ for the third time in a row in 2021 and we are dedicated to cultivating the same healthy, supportive environment as we plan to expand our team further in 2022,” Kushal Nahata said.
FarEye, which has its offices in London, Chicago, New Delhi, Singapore, and Dubai, plans to increase its employee strength to over 1,000 this year.
The startup claims to have over 150 customers across 30+ countries. Some of its notable clients are Domino’s Pizza, Central Group, UPS, and Zalora. It processes over 100 million transactions monthly, supports more than 25,000 drivers and is integrated into a network of over two million vehicles, improving billions of deliveries worldwide, it said.
Last year, FarEye had raised US$100 million in Series E funding to accelerate the company’s mission of empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks, it adds.
In November 2021, It had partnered with India’s Infosys to help enterprises gain real-time visibility into their shipments and optimize their mid and last-mile delivery orchestration.